Cars24 Prepares for IPO, Targets India’s Expanding Used-Car Market

Cars24, the Gurugram-based online used-car platform has announced that they are laying the groundwork for an Initial Public Offering (IPO) as it looks to capitalize on India’s rapidly growing used-car market. Co-Founder Gajendra Jangid shared that while there’s no specific timeline set for the IPO, the company is making steady progress toward this huge milestone.

Aiming at a $100 Billion Market

With a turnover already surpassing $1 billion, Cars24 sees major potential in the Indian market. Jangid also highlighted that car ownership in India is still relatively low compared to countries like China and the US. This gap presents a significant opportunity, with the Indian used-car market expected to exceed $100 billion in the next decade. Notably, the demand is surging faster in the used-car segment than in new car sales, especially from Tier II and III cities in the country.

Expansion at the Forefront

Though Cars24 has yet to break even, the company isn’t slowing down according to the reports. They’re pushing forward with new products and technologies while also branching out into new areas like car servicing and the sale of accessories and spare parts. The company emphasized that these steps are part of a broader strategy to meet the evolving needs of their customers along with expansion and scale the business going ahead.

Car Ownership with Orbit

Cars24 is also boosting its app, which now features a new addition called Orbit. This all-in-one platform goes beyond just buying and selling cars—it offers financing, on-demand driver services, insurance, repair and maintenance, RTO assistance, FasTag, service history records, and even car scrapping services. The company also claims, “We’re not just transforming car transactions; we’re turning them into experiences.”

Conclusion: In conclusion, as Cars24 prepares for its IPO, it’s clear the company is positioning itself to make the most of India’s expanding used-car market. With upcoming technology, services and a customer-focused approach, Cars24 seems on track to redefine how Indians buy, sell, and own cars.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.