CARS24 soon expected to launch its IPO to Seize Growth Opportunities, Says Co-Founder
CARS24 IPO: The online used-car platform CARS24 headquartered is in Gurugram. As per the reports, the company made over $1 billion in sales. However, the company plans to reach $100 billion in turnover in the next 10 years.
CARS24 soon expected to launch its IPO: On Monday, the co-founder of the digital used-car platform CARS24 is soon expected to launch an IPO as the company prepares for the next level of growth possibilities in the Indian market.
The online used-car platform CARS24 headquartered is in Gurugram. As per the reports, the company made over $1 billion in sales.
However, the company plans to reach $100 billion in turnover in the next 10 years.
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The co-founder of CARS24, Gajendra Jangid told reporters, “IPO is a milestone and a stepping stone in our journey. We are gearing up for it internally. I am not laying any roadmap for…by when we will go for the IPO. But the progress is being made in that direction.”
He also added that there is a lot of growth potential in the Indian used-car market as the car ownership rate in India is significantly lower compared to the US and China.
Gajendra Jangid also noted that the used car sales are growing faster than the new car sales in India, with strong interest coming from Tier II and III cities and towns.
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He said that the business hasn’t reached its break-even level and the focus is still on introducing new and advanced technologies and products.
The company plans to expand into new areas of business, such as car service and selling accessories and spare parts.
CARS24 said it had improved its app and brought many different services in one place to change the way of car ownership.
The company has added a new feature to its CARS24 app named ‘Orbit’ that allows users to buy, sell, finance, and even scrap cars.
The feature also has on-demand driving services, insurance, repair and maintenance RTO help, FasTag, service history records, and even can scrap cars.
At last, Gajendra Jangid added, “We’re not just transforming car transactions; we’re elevating them into experiences.”
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