The startup said one of the features under the super app is ‘Orbit’ – a car management system that gives access to features like real-time car valuation, a dashboard to track PUC, challans, insurance, among others
Cofounder Gajendra Jangid said Cars24 is internally gearing up for its IPO but didn’t disclose any time period for it
Last month, the startup bagged INR 250 Cr from its Singapore-based parent entity Global Car Group Limited
Delhi NCR-based used car marketplace Cars24
has launched a super app to consolidate all of its car-related services under a single app.
In a statement, the startup said one of the features under the super app is ‘Orbit’ – a car management system that gives users access to features like real-time car valuation, a dashboard to track PUC, challans, insurance,& service history, a vault to store documents, and other services like car scrapping, on-demand driver, maintenance, and more.
“Every aspect of ‘Orbit’ is meticulously designed to revolve around your needs, ensuring a seamless journey whether it’s keeping up with your car’s valuation, managing maintenance schedules, or renewing insurance,” the startup’s cofounder Gajendra Jangid said.
Cars24 plans to update the app with over 40 services going ahead and aims to also sell new cars in the near future.
Founded in 2015 by Jangid, Vikram Chopra, Ruchit Agarwal, and Mehul Agrawal, Cars24 operates a marketplace to enable car owners to sell, purchase, and finance pre-owned cars in India, Australia, and UAE. It competes with the likes of CarTrade, CarDekho, Spinny, and Droom.
The startup unveiled the new app on its ninth birthday and said it is eyeing to become the “world’s largest auto super app”. Pertinent to note that the company bagged INR 250 Cr about two weeks ago from its Singapore-based parent entity Global Car Group Limited.
Speaking with reporters, Jangid said that the startup is eyeing a public market debut. “IPO is a milestone and a stepping stone in our journey. We are gearing up for it internally. I am not laying any roadmap for…by when we will go for the IPO. But the progress is being made in that direction,” news agency PTI quoted him as saying.
However, the startup continues to be a loss-making entity. As per its last disclosed financial numbers for the financial year 2022-23 (FY23), Cars24’s loss declined 32% to $168.3 Mn from $248 Mn in the previous fiscal year.
Revenue stood at $930.3 Mn, up 16% jump from $803.6 Mn in FY22.
