Cars24 prepares to float IPO, expects $100 billion domestic used-car market in next 10 years

Online used-car platform Cars24 is planning to come up with an initial public offering (IPO) as it gears up to explore the next level of growth opportunities in the domestic market, Co-Founder Gajendra Jangid said on Monday.

The Gurugram-based company has already crossed USE 1 billion in turnover and expects the used-car market in India to reach USD 100 billion in a decade.

Speaking on the potential of the domestic used-car market, he noted that the country's car ownership is low compared to developed geographies such as the United States and China.

He pointed out that the used-car segment in the country is mushrooming faster than new car sales, with high demands from Tier II and Tier III cities and towns.

He also noted that the company has yet to break even, and the focus remains on getting new products and technologies and scaling new business verticals such as car servicing and sales of spare parts and accessories.

Cars24 said it has upgraded its App Store and Play Store mobile app to revolutionise car ownership, integrating a comprehensive range of services under one platform.

The app, which now includes a new feature, Orbit, covers buying, selling, and financing a car, as well as on-demand driver services, repair and maintenance RTO assistance, insurance, FasTag, service history records, and even car scrapping.

"We're not just transforming car transactions; we're elevating them into experiences," Jangid said.