CARS24 Ventures Into ‘New Cars’ Market With Aggregator Platform

IPO-bound used car marketplace Cars24 has ventured into the new cars market. With this move, the company aims to simplify the car-buying process by bringing everything under one platform, making it more transparent and efficient, it said in a statement.

Notably, the CARS24 will have an AI-powered video buying experience that provides detailed walkthroughs of a car’s interiors, exteriors, features, and real-world performance. The platform will also offer real-time, city-wise on-road prices that include all taxes, insurance, and additional costs. 

Customers can compare different models, check safety ratings, explore financing options, and book test drives at home through CARS24’s dealer partners. Additionally, the platform allows buyers to trade in their old cars and apply for financing in one place.

Notably, the company said that with 50% of CARS24’s users also considering new cars, the company sees this expansion as a natural move, tapping into an existing customer base already exploring their next purchase.

“We live in a world where groceries arrive in 10 minutes, loans get approved instantly, and AI suggests what to watch next. But buying a new car? Still a slow, outdated process of showroom visits, price haggling, and long waiting periods. If you’re spending lakhs on a new car, the experience of buying it should match the excitement of driving it. That’s what we’re changing—bringing speed, transparency, and control to new car buying, the way it should be.” said Gajendra Jangid, cofounder, CARS24

Founded in 2015 by Jangid, Vikram Chopra, Ruchit Agarwal and Mehul Agrawal, CARS24 runs an online marketplace for buying and selling used cars in India, Australia, and the UAE. It also provides services like car financing.

The update comes weeks after CARS24’s financial arm launched a credit platform, LOANS24, to cater to a wide audience, including car buyers and car owners among others.

CARS24 recently launched the Driving School, a platform that helps users find nearby driving schools.

Over the past year, the company has introduced several car-related services, including hiring drivers, scrapping cars, a car management system, and a dashboard to track pollution certificates, fines, insurance, and service records. It has also launched a digital vault for storing vehicle documents, among other features.

Notably, CARS24 reported a 7% increase in net loss for FY24, reaching INR 498.4 Cr, up from INR 467.7 Cr the previous year. Despite this, operating revenue rose 25% to INR 6,917.1 Cr in FY24, compared to INR 5,529.6 Cr the previous year.