The company is currently not profitable and has not yet released its financial results for FY24. However, for FY23, it reported losses of $168.3 million, which was a 32% decrease from FY22.
The start-up plans to introduce new products and services, including accessories, car insurance, servicing, and loans for both new and used cars. Co-founder and Chief Marketing Officer Gajendra Jangid mentioned that they are also considering entering the new car sales and financing market once they reach break-even.
Jangid noted that Unicorn has already achieved over $1 billion in turnover and anticipates that the used car market in India will reach $100 billion in the next decade. He highlighted a significant increase in demand from tier 2 and tier 3 towns.
Speaking to Outlook Business about the introduction of “Orbit,” a new feature in the company’s Play Store app that unifies all of its services, including its NBFC division, under one platform, Jangid stated that the IPO is being planned, though a timeframe has not yet been specified.
“We are internally preparing for the significant milestone of getting listed in India, but it is a process that requires careful attention to detail. He continued, “We are also working on a number of other important projects, like our collaboration with ONDC, introducing new technology, and improving auto transactions with features like Orbit.
The company has just signed an agreement with the e-commerce network ONDC. Jangid shared with Outlook Business that Cars24 plans to be active on ONDC by FY25.
Cars24, a company founded in 2015 by Jangid, Vikram Chopra, Ruchit Agarwal, and Mehul Agrawal, makes it easier to purchase, sell, and finance used automobiles in the UAE, Australia, and India. With over 2 lakh cars sold, it now holds a 4% market share and faces competition from sites like CarTrade, CarDekho, Spinny, and Droom.
