CARS24 will invest $100M to expand into international markets
Online used car marketplace CARS24 said it will invest $100 million to expand operations in international markets this year.
The unicorn has already forayed into Australia and the UAE and is ready to launch its business in Southeast Asia and the Middle East this year.
CARS24 has earmarked an investment of over $100 million for international markets in 2021, the company said in a statement.
CARS24 team in Australia
It will use the investment to build the brand in these new territories, coupled with a strong supply of cars for the platform and a workshop to recondition cars to ensure top quality, it added.
"In the last six years, we have worked very hard to revolutionise the way our consumers buy or sell their cars in India. Interestingly, the pain points of used car consumers across the globe remain pervasive. We are sure with our expertise and experience of operating in a diverse market like India, we will be able to cater to the needs of our new customers,” CARS24 Co-founder and CEO Vikram Chopra said.
The company's expansion into the UAE, Australia, and Southeast Asian markets marks a milestone moment in the growth of CARS24 as we introduce a whole new world of cars to new audiences, he added.
"CARS24 is well-poised for explosive growth internationally, and we will continue to offer our burgeoning roster of offerings to newer markets that have been at the forefront of embracing new technology and innovation," Chopra noted.
At present, CARS24 is shipping cars to customers across Dubai, Abu Dhabi, and Sharjah, and to Brisbane in Australia, shortly followed by Sydney and Melbourne.
“Australia is a car-loving nation of consumers who have had no alternative to the traditional used car buying model - until now... We have high expectations for our growth in this market," CARS24 Australia GM Olga Rudenko said.
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Gajendra Jangid, CARS24 offers a hassle-free transacting experience to customers to buy and sell pre-owned vehicles (cars and bikes) and financing options.
The company operates in over 130 cities in India.