Cars24 Gears Up For IPO, Eyes India's $100-Billion Used-Car Market

Cars24 is preparing for an initial public offering as the online used-car platform aims to capitalise on growth opportunities in India's domestic market, Co-Founder Gajendra Jangid said on Monday.

The Gurugram-based company, which has already surpassed $1 billion in turnover, anticipates that the Indian used-car market could exceed $100 billion over the next decade. "An IPO is an important milestone in our journey, and we are gearing up for it internally. While I am not specifying a timeline, progress is being made in that direction," Jangid said.

Discussing the growth potential of India's used-car market, Jangid pointed out that car ownership in India remained low compared to developed markets like China and the US. He said the used-car segment was growing faster than new car sales, with significant demand coming from Tier II and III cities.

Although the company has not yet reached break-even, its focus is on launching new products, advancing technologies, and expanding into new business areas, such as car servicing, and the sale of accessories and spare parts.

Cars24 has also enhanced its app, aiming to revolutionise car ownership by integrating a wide range of services under one platform.

The updated app, now with a new feature called Orbit, offers services from buying and selling cars to financing, on-demand driver services, insurance, repairs and maintenance, RTO assistance, FasTag, service history records, and even car scrapping. "We're not just transforming car transactions; we're elevating them into experiences," Jangid added.

(With inputs from PTI)