The CEO of the biggest startup in the used car e-tail talks on why he is skipping the 2021 IPO frenzy!
In a year marked by unprecedented IPO activity — 69 firms have completed their initial public offerings and will be listed in 2021 — startup unicorns have emerged (valued over a billion dollars) Cars24 and CarsDekho don’t appear to be in a hurry to cash in on the craze.Kunal Mundra, Cars24’s chief executive officer (CEO), told Business Insider that the IPO might take anywhere between 18 and 24 months.
Mundra, CEO of Cars24, which is valued at $1.85 billion, the most among all vehicle ecommerce companies, discusses why he is ready to wait as well as the company’s future goals.”The plan is to just focus on driving growth. We’ve got our core car business in India, which is now the largest by far in the country, but, at the end of the day, we still have a 5% market share.” He shared.
He further added, “How many Indians do you think have $5,000 in cash in their bank account right now to go out and buy a used car? As a result, our NBFC (non-banking financial firm) has been rapidly growing to accommodate the growth. That concludes the second part”.
Cars24, which has a market capitalization of $1.85 billion, the most of any vehicle ecommerce company, is all ready to set new records.
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