CARS24
Funding History
| Series F · 09/2021 | $1.8B |
|---|---|
| Series G · 12/2021 | $3.3B |
About
CARS24 is an online used-car platform in India that inspects vehicles, makes instant purchase offers to sellers, and resells the inspected cars to individual buyers and dealers. Founded in 2015, it also offers auto financing and insurance, and operates in the UAE, Australia and Thailand alongside its home market.
- CEO
- Vikram Chopra
- Headquarters
- Gurugram, India
- Founded
- 2015
- Website
- cars24.com
Overview
CARS24 is an India-based online platform for buying and selling used cars, founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal. The company built its business around instant vehicle inspections and same-day cash offers for consumers selling their cars, then resells inspected vehicles to individual buyers and dealers through its retail and wholesale channels. Headquartered in Gurugram, CARS24 has expanded beyond India into the UAE, Australia and Thailand, and has layered in adjacent services including auto financing, insurance distribution, and — through its 2026 acquisition of CarInfo — vehicle-ownership and challan-tracking tools.
CARS24 reached unicorn status in 2020 and raised its two largest rounds in quick succession the following year: a $450 million Series F in September 2021 that lifted its valuation to $1.84 billion, and a $400 million Series G three months later led by Alpha Wave Global (formerly Falcon Edge Capital) that pushed the valuation to $3.3 billion. Since then the company's Singapore-based parent, Global Car Group Limited, has made two further capital infusions to fund working capital as CARS24 has narrowed losses and prepared for a public listing.
In its first half of fiscal year 2026, CARS24 reported adjusted net revenue of ₹651 crore, up 18% year over year, while its adjusted EBITDA loss narrowed 36% to ₹162 crore; the company's UAE business turned adjusted-EBITDA profitable in the same period. Founder and CEO Vikram Chopra has said CARS24 is targeting an IPO within six to twelve months, and the company has used 2025 and 2026 to reshape its leadership and portfolio ahead of a listing — acquiring the automotive community site TeamBHP and the vehicle-information app CarInfo, adding Infosys CFO Jayesh Sanghrajka as an independent director, and seeing co-founders Mehul Agrawal and Gajendra Jangid step back from their COO and CMO roles into board and advisory capacities while Chopra took direct charge of the India used-car business from outgoing CEO Himanshu Ratnoo.
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