CARS24

CARS24 is an Indian multinational online used car marketplace headquartered in Gurgaon, India. It offers a platform for customers to buy and sell used vehicles, and provides services aimed at enhancing transparency and trust in the used car market. The company is considered among the four major organised players in the Indian used car segment.

CARS24 Services Private Limited

Company type	Private
Industry	Used cars
Founded	2015; 10 years ago (2015)
Headquarters	Gurgaon, Haryana , India
Area served	India Thailand Australia UAE[1]
Key people	Vikram Chopra Gajendra Jangid Ruchit Agarwal Mehul Agarwal
Services	Car sales Resale Paperwork Loans
Revenue	₹5,535 crore (US$650 million) (FY23)[2]
Net income	₹−468 crore (US$−55 million) (FY23)[2]
Number of employees	6,000+ (2023)[2]
Subsidiaries	Cars24 Financial Services
Website	cars24.com

History

^[3]CARS24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal. Initially launched as a platform for selling used cars, the company later expanded into comprehensive services for car buyers, including used car loans, pre-delivery inspection reports, etc.

CARS24’s commitment to their motto, ‘better drives, better lives’,^[4] led to the inception of innovative services that revolutionised the used car industry. CARS24^[5] primarily deals in buying and selling of used cars, but also provides additional services to enhance the used car buying journey^[6] and ownership experience.

On the buy side, services such as home test drives in select cities, doorstep pickup/delivery, along with industry-first and industry-leading warranty plans that span up to 3 years, or 45,000 km, covering the maximum number of components as compared to anyone else in the used car warranty market, made the platform the go-to for lakhs of used car buyers. They also offer^[7] a 7-day no-questions-asked return policy, enabling buyers to return the car for a full refund if it doesn’t suit their needs.

CARS24 also simplifies the process of selling used cars by leveraging an AI-powered pricing engine that analyses real-time market data across India.

Beyond pricing, CARS24 offers doorstep inspections, instant payments, and complete paperwork management, including RC transfer. Sellers can complete the entire transaction from the comfort of their home, often within a single day. With no hidden fees and a streamlined process, CARS24 delivers a fast, hassle-free, and transparent solution for anyone looking to sell their car.

From exploring their preferred used cars to pre- and post-purchase services, CARS24 ensures a smooth, hassle-free, and transparent process for buyers. Their NBFC division, which began its operations in 2019, enables used car buyers to acquire vehicles through easy financing options tailored for used car buyers. Benefits such as lengthy 6-year tenures, flexible EMIs, and competitive interest rates have made used car ownership far more lucrative than ever before, and their wide network, expanding even into tier 2 cities, makes buying a used car a smart and affordable choice.

CARS24 aims to make car buying easier and more informed for everyone, even those not buying directly from them. They offer pre-delivery inspections, loan options for outside purchases, and let verified dealers and individuals list cars on their platform. Additional services like vehicle info checks, RTO data, and online challan clearance help ensure a smooth experience for all car owners. In partnership with Lawyered, CARS24 also enables legal resolution of complex challans and disputes under the LOTS (Lawyer On The Spot) system.

Funding and endorsements

^[8]In 2019, the company onboarded Mahendra Singh Dhoni, former captain of the Indian cricket team, as both an investor and brand ambassador. Dhoni's association brought credibility and visibility to the platform, especially in Tier-II and Tier-III cities

In FY2023–24, CARS24 achieved a major operational milestone by selling over ^[9]200,000 vehicles, with revenues reaching ₹6,917 crore, a 25% increase over the previous year. Of this, its financial services unit contributed ^[10]₹300 crore, with strong gross margin growth indicating deepening profitability and product diversification.

CARS24 entered the unicorn club in 2020 after raising $200 million in Series E funding led by DST Global, taking its valuation past ^[11]$1 billion. By December 2021, its valuation soared to $3.3 billion after securing another^[12] $400 million in equity and debt funding. In July 2024, CARS24 received a fresh capital infusion of ₹250 crore from its Singapore-based parent to bolster its lending and technology platforms.

The company has made significant strides in the fintech domain through CARS24 Financial Services (CFSPL), an NBFC entity that has disbursed over ₹4,000 crore in retail auto loans and more than ₹15,000 crore in dealer financing. In early 2025, it launched LOANS24, a platform that now covers a full suite of financial products, including new and used car loans, loan top-ups, loans against vehicles, inventory finance, and even personal credit products such as credit cards^[13].

Acquisitions

In April 2025, CARS24 acquired Team-BHP, one of India’s most trusted automotive forums. The acquisition aimed to merge CARS24’s digital capabilities and AI infrastructure with Team-BHP’s vibrant auto enthusiast community, while maintaining its editorial independence^[14].

New Initiatives

• ^[15]CARS24 Pre-Delivery Inspection (CarTruth) Launched on October 27, 2024, and branded as "CarTruth," CARS24’s PDI service provides detailed physical inspections before purchase (both for new and used cars), covering engine/transmission, exterior, interior, documentation, and accident history^[16].
• CARS24 Challan (e-Challan Payment)

^[17]Launched on September 6, 2023, it is a hassle-free online platform to check and pay traffic challans via vehicle number. Integrated with multiple payment methods (UPI, cards, wallets), it fetches challans across state databases, delivers real-time updates, receipts, and simplifies cross-state payments.

• CARS24 RTO Services An RTO facilitation service within the CARS24 super‑app, streamlining vehicle paperwork like ownership transfers, FASTag issuance, registration, and perhaps RTO challan settlements. This builds on their end‑to‑end vehicle transaction support.
• ^[18]CARS24 New Cars CARS24 launched its ‘New Cars’ platform in 2024, aiming to simplify India’s traditionally complex new car buying journey. Designed as a unified digital solution, the platform offers transparent on-road pricing, model comparisons, financing options, and home test drive bookings along with India’s first AI-powered, video-first car buying experience. Supporting the New Cars initiative is AUTOVERSE, CARS24’s editorial arm, delivering expert reviews, comparisons, and automotive insights to empower informed decision-making.
• BIKES24 CARS24 is also working on BIKES24, a similar platform to CARS24 New Cars, dedicated to motorcycles and two-wheelers. BIKES24 mirrors the convenience, transparency, and integrated solutions of the New Cars platform, providing two-wheeler buyers with streamlined purchasing experiences, real-time pricing, and comprehensive model comparisons.

Non-Profit Initiatives

Crashfree India

^[19]Crashfree India is a public-interest non‑profit launched in June 2025 by CARS24, one of India’s largest auto‑tech platforms. Its mission: reduce and eventually eliminate road fatalities in India, with the ambitious target of zero road deaths by 2040.

Subsidiaries

LOANS24

^[20]LOANS24 (CARS24 Financial Services Pvt Ltd), established in 2019 as a wholly owned subsidiary of CARS24 Services Private Limited. The company received its non-deposit accepting NBFC license from the Reserve Bank of India in July 2019. LOANS24 by CARS24 has a good credit rating of BBB+ (stable) from Care Edge, showing it is financially reliable.

^[21]The company provides services such as used car loans, loans against cars, top-up loans, personal loans, and credit cards across 50 cities in India. Its vision is to become India’s most trusted and innovative auto-financing brand by leveraging data-driven insights, scalable digital infrastructure, and customer-centric operations to promote inclusive mobility and sustainable growth. In its initial years, ^[22]LOANS24 by CARS24 has facilitated over ₹400 crore in loans, emphasising transparent pricing and dedicated customer support.