Delhi NCR based Cars24 eyes $2 billion revenue by FY23
- ByTejika Bajaj | January 7, 2022
Delhi NCR based used car platform Cars24 has announced that it aims to double down on its operations thus leading to $2 billion reported revenue for FY23. The startup is banking on its international expansion plans for an increased revenue growth.
Additionally the startup also intends to diversify beyond cars and foray into new markets to offer value addition and increase its penetration in the market. Utilizing the funds that it has recently raised, the startup aims to grow its car financing platform.
The used car marketplace is evolving significantly with more players entering into the trading as well as financing sphere of the marketplace thus increasing competition. Various factors such as shift to personal vehicles from public mode of transportation due to the rise in the pandemic, ease of buying and selling cars online, increased trust amongst the online TPAs have all led to a surge in the consumer traffic in the used car marketplace.
Cars24 aims to create an efficient and reliable way for car owners to sell their used cars at the best price. By venturing into used car financing and launching Bikes24 as a part of its growth plans, Cars24 aims to drive revenue and accelerate its growth during this financial year. Cars24 is going to focus on two of its new verticals — Bikes24 and Cars24 Financial Services.
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