WITH THE LAUNCH OF ITS 100TH BRANCH IN KOLKATA, CARS24 SET TO STRENGTHENS ITS FOOTHOLD IN INDIA'S USED CAR MARKET
03rd, December 2018 - Startup
Based on its extraordinary growth trajectory, CARS24 targets a run rate 1000 branches in 100 cities by 2020.
Selling your car is a very tedious process but CARS24, India's fastest growing tech-enabled used car company has changed the way people sell their cars owing to their100 branches in 18 cities in India. Hence, with plans to assure a more simplified experience to discerning customers across the length and breadth of the country and to strengthen their foothold in the growing used-car market, CARS24 has launched its 100th branch in Kolkata. The new store launch is not only its official launch in the East region but is also a part of CARS24's vision to expand its market presence across different market tiers, by opening 110 branches before the end of this financial year.
Talking about the business potential, Gajendra Jangid, co-founder & VP, CARS24 said,"The exponential growth of the used car industry is evident in both Tier 1 and Tier 2 cities today.This is why we aggressively wanted to expand our geographic reach, while scaling up our branches across the country. It is a matter of great delight that we have been successful in keeping our word of opening 100 new stores before the closing of this fiscal.
East India has always been a key market for us and in recent years, and Kolkata has emerged as an important city there. We are already at a double digit market share in existing markets including Delhi, Mumbai and Bangalore and plan to spread beyond these states. We have studied the trends in this market in the region and foresee a business growth of 150% during the coming financial year. Our dealership is strategically located in the well-connected area which has the potential to serve not only the city of Kolkata but also its suburbs and neighboring cities."
Employing 1800 people across India, CARS24 has grown rapidly to making it a leading player in the used car sector. Over 10,000 trusted business partners from more than 100 cities across India are already participating in the proprietary online auctions. By the end of 2018, car owners will be able to sell their cars across 110 CARS24 branches in 18 cities. Based on its extraordinary growth trajectory, CARS24 targets a run rate of 1000 branches in 100 cities by 2020.
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal, CARS24 has pioneered an innovative solution to the age-old problem of selling a car. CARS24 enables car owners to sell their cars within two hours of a single visit to one of the many CARS24 branches, with instant payment into their bank accounts. The company, in-turn, sells these cars online through its proprietary auction platform to businesses across India dealing in pre-owned cars. This makes CARS24's business a unique C2B model, focused on 'supply first', and in principal a very different approach to winning the used car market, as compared to the C2C and B2C business models that exist in the used car industry today.
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