Cars24

Three Unicorn startups — CARS24 Services Pvt., CarDekho and Spinny — that buy and sell pre-owned vehicles are in early talks with bankers to assess investor appetite

Used car marketplace Cars24 lays off over 200 employees

This comes at a time when used car platforms have been reporting slowing growth, and are increasingly diversifying into new business verticals in a bid to spur growth.

Used car marketplace Cars24 acquires auto forum Team-BHP

Post-acquisition, the forum will continue to operate independently by its founding team, with the same zero-sponsored content policy, strict moderation, and community-first approach that has earned it unmatched credibility and respect, Cars24 said.

Used car marketplace Cars24 forays into new car market with new aggregator platform

‘New Cars’ has been rolled out as an online-only offering on the company’s website, where the platform will act as an aggregator for various auto OEMs to list their cars. This includes detailed video walkthroughs, on-road pricing details, test drive services, and financing options.

SUVs sell most in resale market, Maruti's Swift most sought-after model, says Cars24

Even with the launch of new models in recent years, cars like Hyundai Santro, Tata Tiago NRG, and Maruti Wagon R have 'consistently' delivered exceptional resale value, said the report.

GST impact: India’s used car market braces for slowdown after decision to increase tax rate from 12% to 18%

The used car industry in India remains largely consumer-to-consumer and is unorganised to a great extent

Cars24 CEO shares hiring post, calls people who 'still haven't learnt' Kannada in Bengaluru to Delhi. Viral

A post by Vikram Chopra, CEO of Cars24, stirred controversy by addressing Bengaluru’s language issue directly. In a hiring call for engineers, Chopra appeared to take a jab at the city’s linguistic tensions, writing: 'Still can’t speak Kannada after years in Bengaluru? It’s okay. Aa jao Dilli (Come to Delhi).'

India's used car market size to touch $100 billion-mark by 2034: CARS24 CEO

As per the findings of the Gurugram-based online used car marketplace, there are changes in market dynamics with customers opting for frequent upgrades when it comes to cars.

Cars24 registered marginal growth in revenues in FY23

Cars24’s total expenses have reduced 3 percent from Rs 6,256 crore in FY22 to Rs 6,058 crore in FY23, helped by cost cuts across the board.

Tiger Global-backed Spinny fires 300 employees in business rejig

Spinny has about 6,000-6,200 employees and the sackings have hit around 5 percent of the workforce, as Truebil and Spinny Max prepare to merge and operate under the main brand

Cars worth Rs 1,800 crore sold to platform in April-June: CARS24

With the ease of purchasing a car online, complete with financing and delivery options, the process of buying and selling cars has become more convenient than ever before, CARS24 said.

SoftBank-backed Indian startups cut costs by 50-75%, lay off over 5,000 people to weather funding winter

Since the start of 2022, companies including unicorns Unacademy, Meesho, Swiggy and Cars24 have reduced costs heavily to extend their runway by at least 12 months

Cars24, Spinny, Olx Auto, Mahindra First Choice write to MoRTH for changes in new registration portal

Concerns were raised on mandatory GST registration, and rules for multiple deemed ownership transfers, to name a few.

Indonesia, Saudi didn’t even amount to $500k of our cash-burn: Cars24 CEO

The used car marketplace looks to pad up margins by financing vehicle purchases as it increases focus on the retail buyer segment.

GoMechanic taps Cars24, Spinny for a distress sale

GoMechanic's latest funding round was called off last week following alleged misreporting of financials during due diligence, which the founders later admitted to.

Non-banking finance business to see sharp uptick this fiscal: CARS24's Gajendra Jangid

The company, which had acquired non-banking financial company (NBFC) license in 2019, had clocked a revenue of Rs 75 crore in FY22 from the used-car financing vertical.

The world is in a bad place this year, but I need to take a long-term view: CARS24 chief Vikram Chopra

Used car marketplace CARS24’s co-founder talks about navigating the funding winter and betting on the long term

Used car market poised for massive growth post Covid

Used-car sales are likely to almost double to 8 million units by 2027 as people move away from public transport and shared rides for better protection against the virus and online platforms bring transparency and trust to the largely unorganised market

More than 12,000 Indian startup employees lost their jobs in 2022: Report

As startups in India keep sacking their employees to navigate through the "funding winter", the country is expected to witness more than 60,000 job losses in 2022 alone.

Abu Dhabi's Hub71 looks to house more Indian startups

Hub71 is designed as an ecosystem which can help startups across sectors in all its needs, from getting them access to venture funding to finding the right talent, the Abu Dhabi government media office (ADGMO) said.

SoftBank-backed Cars24 lays off 600 employees in cost-cutting drive

Cars24 joins the likes of well-funded tech startups such as Vedantu, Unacademy, and Meesho to lay off hundreds of employees as investments have dried up.

Trifecta Capital to raise Rs 375 crore under greenshoe option: Report

Commenting on the development, Rahul Khanna, managing partner of Trifecta Capital said that they have built a "highly diversified portfolio, with a common line of these companies being category leaders binding them".

CARS24 ties up with Bajaj Finance

This partnership will lead to increased penetration in the used cars industry and enable consumers to further enjoy a hassle free customer experience with financial solutions from Bajaj Finance Ltd(BFL), CARS24 said in a release.

Weekly Funding Wrap: Razorpay's valuation vaults to $7.5 billion, Zepto raises $100 million

A total of $1.25 billion was raised by startups in the week of December 20 to 24

Cars24 valuation almost doubles to $3.3 billion with $400 million financing

The company plans to use the funds to accelerate its global expansion and also further strengthen its foothold in the Indian market