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Online used-car platform <keyword id="20259409" type="General" weightage="20" keywordseo="CARS24" source="keywords" meta.keywordsubtype="org" meta.entityname="CARS24" meta.hostid="261" meta.entityid="CARS24">CARS24</keyword> is gearing up for an <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> as it prepares to tap into the next level of growth opportunities in the domestic market, Co-Founder <keyword id="20485365" type="General" weightage="20" keywordseo="Gajendra-Jangid" source="keywords">Gajendra Jangid</keyword> said on Monday. The Gurugram-headquartered firm, which has already crossed USD 1 billion in turnover, expects the domestic <keyword id="22760787" type="General" weightage="20" keywordseo="used-car-market" source="keywords">used-car market</keyword> to cross USD 100 billion mark over the next ten years. "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," Jangid told reporters here. Elaborating on the growth potential of the Indian used-car market, he stated that <keyword id="22029663" type="General" weightage="20" keywordseo="car-ownership" source="keywords">car ownership</keyword> in the country remains low as compared to various developed geographies including China and the US. Jangid noted that the used-car segment was growing faster than the new car sales in the country with strong demand emanating from Tier II and III cities and towns. He noted that the company is yet to reach break-even level and the focus remains on introducing new products and technologies and scale new business verticals like car-servicing and sales of accessories and spare parts. CARS24 said it has upgraded its app to revolutionise car ownership, seamlessly integrating a wide range of services under one roof. The app, which now comes with a new feature Orbit, covers buying, selling, financing a car to on-demand driver services, insurance, repair and maintenance RTO assistance, FasTag, service history record, and even car-scrapping, it added. "We're not just transforming car transactions; we're elevating them into experiences," Jangid said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Preparing to float IPO to tap growth opportunities: CARS24

After slashing around 600 jobs last year, pre-owned vehicle platform <keyword id="4306161" type="General" weightage="20" keywordseo="CARS24" source="Orion">CARS24</keyword> on Friday said it will hire more than 500 employees across verticals in the next 3 months. The company said it will be hiring for both tech and non-tech-related roles and has opened positions in departments including technology, product, data sciences, engineering, business, customer success, human resources, finance, marketing and sales. Last week, CARS24 saw some high-profile exits, including its global CTO Jitendra Agrawal and business head <keyword id="14490738" type="General" weightage="80" keywordseo="kingshuk-sanyal" source="Orion">Kingshuk Sanyal</keyword>, who left the company to pursue other things. The used car marketplace, set for an <keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>, in May last year announced that around 600 employees were let go based on their poor performance and not owing to any "cost cuts". According to CARS24, new hires will play a critical role in driving the next phase of growth as the company scales down its operations and expands further. <keyword id="1253528" type="General" weightage="80" keywordseo="vikram-chopra" source="Orion">Vikram Chopra</keyword>, CEO and Founder, CARS24 said that as we scale our operations and expand further, "we are looking for bright, talented minds for various roles who share similar values as us to join our team and play a pivotal part in driving the next phase of growth at CARS24". Over the last few months, talent from some of the best-known global brands joined CARS24, said the company. In December last year, CARS24 closed a $400 million round of funding, including a $300 million Series G equity round alongside $100 million of debt from diversified financial institutions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/it-feels-like-slap-in-the-face-sacked-google-worker-whose-mother-died-of-cancer/articleshow/97370050.cms">'It feels like slap in the face': Sacked Google worker whose mother died of cancer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/indoor-lifestyle-bad-diet-is-leading-to-vitamin-d-deficiency-tata-1mg-study/articleshow/97374632.cms">Indoor lifestyle &amp; bad diet is leading to Vitamin D deficiency: Tata 1mg study</a>

CARS24 now says will hire over 500 after layoffs

Pre-owned e-commerce platform <keyword id="4306161" type="General" weightage="20" keywordseo="CARS24" source="Orion">CARS24</keyword> on Monday saw some high-profile exits, including its global <keyword id="238078" type="General" weightage="100" keywordseo="cto" source="Orion">CTO</keyword> <keyword id="1603349" type="General" weightage="80" keywordseo="jitendra-agrawal" source="Orion">Jitendra Agrawal</keyword> and <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> head <keyword id="14490738" type="General" weightage="80" keywordseo="kingshuk-sanyal" source="Orion">Kingshuk Sanyal</keyword> who have left the company to pursue other things. In a LinkedIn post, Agrawal who joined the company in July 2021, said he will be moving on from CARS24 in the next few months. "I joined CARS24 with a specific goal to help the team scale multiple countries at once - a particularly challenging task because, as an eCommerce company with complex execution, we built each country like an independent startup. We also did it all at once," he said. "I will be forever attached to this mission of helping consumers experience a delightful way of buying and selling cars, and wish the team the very best in scaling new heights," Agrawal added. CARS24 Chief human resources officer <keyword id="641795" type="General" weightage="20" keywordseo="mrinal-sinha" source="Orion">Mrinal Sinha</keyword> has also put in papers. The used car marketplace, set for an IPO, in May announced that around 600 employees were let go based on their poor performance and not owing to any "cost cuts". Calling it "business as usual", the company, which has nearly 9,000-strong workforce, and is in the process of hiring more globally, said its business is actually growing in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, the Middle East, Australia, and Southeast Asia. "This is business as usual as these are performance-linked exits that happen every year," the company said in a statement. In December last year, CARS24 closed a $400 million round of funding, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions. The platform was valued at $3.3 billion, about double the valuation from its previous round in September 2021. The company recently announced the launch of seven 'Mega Refurbishment Labs' (MRLs) in India -- an industry first, and one MRL in the UAE which is among Dubai's largest ever commercial leasing deals. "CARS24 has aggressive plans for 2022. We are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car," Vikram Chopra, Co-founder &amp; CEO, CARS24 had said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-salary-in-2022-at-3-lakh-crore/articleshow/92957422.cms">IT biggies spent 62% of revenues on wages in FY22, salary bill at ₹3 lakh crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/sony-bravia-xr-x90k-65-inch-review/articleshow/92959498.cms">Sony Bravia XR X90K 65-inch review</a>

CARS24's top brass including its global CTO and business head quit

<ul><li><keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> has raised $100 million from existing and new investors. </li><li>Its latest investor includes Sunil Mittal’s son Shravin Bharti Mittal, who leads the investment firm Unbound.</li><li>Its previous investors KCK, Agnelli (Fiat) Family and Sequoia India too were a part of the round. </li></ul>Cars24, the <keyword id="71298" type="PERSON" weightage="20" keywordseo="used-cars">used cars</keyword> <keyword id="125920" type="PERSON" weightage="20" keywordseo="marketplace">marketplace</keyword>, raised $100 million in a series D round of funding. The startup raised the funding from Unbound, a London-based investment firm and Moore Strategic Ventures, a New York-based investment firm. Its previous investors KCK, Agnelli (Fiat) Family and Sequoia India too were a part of the round. In August, Indian cricketer <a href="https://www.businessinsider.in/ms-dhoni-invests-in-used-car-marketplace-cars24/articleshow/70659442.cms">MS Dhoni</a> too had participated in the same round for an undisclosed amount. He is also the brand ambassador for the startup. Interestingly, Unbound is led by Sunil Mittal’s son Shravin Bharti Mittal. Cars24 sells over 13,000 cars every month through its platform. In 4 years, it sold 1.6 lakh cars. It is present in 35 cities and 150 branches. It aims to double its reach to 75 Indian cities by the end of the year. With the new funds, the company plans to set a strong foothold for its recently announced non-banking financial company (NBFC) business. “Our motive is to expand across India and give our customers a hassle-free selling experience. Any car owner can sell their car at a great price in less than an hour by driving down to the nearest CARS24 branch. To make it a reality, we’ve been investing heavily in making our tech more robust, as well as convenient and friction-less for all,” said Vikram Chopra, co-founder and CEO, sharing the information on latest capital infusion. Even as the auto industry has been in the midst of a slowdown, Cars24 has been growing at 5% every month. In an earlier interview with Business Insider, Chopra said that the company also hopes to breakeven by December 2019. “We only have 2% market share right now of the $30 billion used car market. In India, 5 million used cars are sold every year. Our objective is to take this number of 2% to 20% over the next 5 years,” Chopra had said earlier. See Also: <a href="https://www.businessinsider.in/ms-dhoni-investments-in-indian-startups/articleshow/70685320.cms">MS Dhoni seems to be the favourite celeb for Indian startups</a>

MS Dhoni backed Cars24 closes its series D round with $100 million

Cars24 founder, Kunal Mundra on skipping the recent IPO frenzy

Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?

<ul><li><keyword id="3163762" type="PERSON" weightage="20" keywordseo="SonyLIV">SonyLIV</keyword> has roped in over 50 advertisers for India’s tour of Sri Lanka comprising three ODIs and three T20s.</li><li>Some of the brands it has onboarded includes Apple, HUL, Amazon, JSW, TVS, Tata Motors, <keyword id="26280" type="COMPANY" weightage="20" keywordseo="amul">Amul</keyword>, <keyword id="11673053" type="UNKNOWN" weightage="20" keywordseo="dafanews">Dafanews</keyword>, <keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword>, <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, <keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword>, Medibuddy, Bridgestone, Acko General Insurance &amp; GoDigit amongst others.</li></ul>SonyLIV has announced that it has roped in over 50 advertisers including brands like Apple, HUL, Amazon, JSW, TVS, Tata Motors, Amul, Dafanews, CoinDCX, Mobikwik, Cars24, Medibuddy, Bridgestone, Acko General Insurance &amp; GoDigit amongst others for India’s tour of Sri Lanka comprising three ODIs and three T20s that began on July 18 and will go on till July 29. The series can be viewed live across 6 different languages including Hindi, English, Tamil, Telugu, Malayalam, and Bengali only on SonyLIV. With the increasing viewership coupled with the love for cricket amongst fans, SonyLIV has also locked sponsorship deals with some of the most prominent brands like Vimal, Betway, WazirX, and Swiggy. The platform is also set to provide comprehensive coverage of the Tokyo Olympics 2020 from July 23. Ranjana Mangla, Sr. VP &amp; Head of Ad Revenue, SonyLIV said, "We are elated to witness an overwhelming response from our advertising partners for all our sporting events that air on SonyLIV. Following the success of Euro 2020, we have managed to onboard more than 50 advertisers and multiple sponsors for India’s tour to Sri Lanka. Like always, we are committed to providing the best viewing experience for all global sporting events on the platform."

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Preparing to float IPO to tap growth opportunities: CARS24

PTI

CARS24 now says will hire over 500 after layoffs

IANS

CARS24's top brass including its global CTO and business head quit

IANS

MS Dhoni backed Cars24 closes its series D round with $100 million

Sanchita Dash

Cars24 founder, Kunal Mundra on skipping the recent IPO frenzy

BI India Bureau

Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?

Kritti Bhalla

SonyLIV on-boards over 50 advertisers for India’s tour of Sri Lanka

BI India Partner

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