Through its app, Cars24 Offers a Listing Platform for Driving Schools

Through its app, used car marketplace Cars24 has introduced Car24 Driving School, a discovery engine for finding local driving schools. According to a media report, the new offering was introduced two weeks ago and is accessible in a number of locations, including Bengaluru, Chennai, Mumbai, Ahmedabad, and Delhi NCR. The business started testing the service at the end of last year, according to the media report. These driving schools are not currently subject to listing fees from Cars24. This might alter, though, if the offering becomes popular. By providing all car-related auxiliary services, the company hopes to become a one-stop shop for car owners.

Company Already Offering Plethora of Services

A dashboard to track PUC, challans, insurance, and service history; a vault to keep papers; driver recruiting; car scrapping; and a car management system are just a few of the car-related services that the business introduced last year. The business previously referred to its app as a "super app." Cars24, a platform for buying and selling old automobiles in India, Australia, and the United Arab Emirates, was founded in 2015 by Gajendra Jangid, Vikram Chopra, Ruchit Agarwal, and Mehul Agrawal. Additionally, it offers financing for auto purchases.

Cars24’s Financial Outlook

CarTrade, CarDekho, Spinny, and Droom are some of the competitors of Cars24.  Cars24 has raised more than $1.3 billion in capital so far, and its investors include well-known companies like Alibaba, SoftBank, DST Global, Peak XV Partners, and Alpha Wave. When it raised $400 million in 2021, its latest valuation was $3.3 billion.  Due to a rise in unit sales and the average selling price per car, the startup's operational revenue increased by 25% to INR 6,917.1 Cr in FY24 from INR 5,529.6 Cr the year before. From INR 467.7 Cr in FY23 to INR 498.4 Cr, its net loss increased by 7%.

India’s Used Car Market

Numerous reasons, including the COVID-19 pandemic's effect on personal mobility preferences, the expansion of financing options available in the used car market, and the decline in cash inflow for new car purchases, are contributing to the dramatic alteration of the Indian used car industry.

Due to consumers looking for alternatives to new cars, the supply and demand for used cars have increased as a result of this change. With the introduction of new pollution regulations and an emphasis on lowering the production of diesel cars, the market is expected to rise significantly.

The Indian used automobile industry is projected to reach $36.39 billion in 2025 and increase at a compound annual growth rate (CAGR) of 15.10% to reach $63.87 billion by 2029, according to an analysis by Motor Intelligence. With more than INR 5,500 crore in revenue, Cars24 is the top used automobile company in India. Last year, Spinny's revenue increased by almost 30 times, putting it in second place. Next on the list are Droom, OLX, CarDekho, and CarTrade.

Udaan Cofounder Amod Malviya Launches New Venture Pre6

Amod Malviya, cofounder of Udaan, has launched his new business venture “Pre6,” marking another milestone in his entrepreneurial journey.

StartupTalkyNitin Konde