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<ul class="summary-list"><li>Fund manager David Baron broke down his highly bullish views on Elon Musk-led Tesla and SpaceX.</li><li>He told Bloomberg Tesla can soar 550% and SpaceX can triple in valuation by 2030. </li></ul>Shares of Tesla have tanked this week following a downbeat earnings outlook, but fund manager David Baron remains bullish on Elon Musk's carmaker, as well as his rocket-producer SpaceX.He forecasts Tesla stock to gain about 550% to hit $1,200 a share by 2030, and for SpaceX to triple in valuation over the same period, according to a <a href="https://www.bloomberg.com/news/articles/2024-01-26/baron-sees-550-gain-for-tesla-unswayed-by-209-billion-wipeout?srnd=markets-vp" target="_blank" rel="noopener">recent interview conducted by Bloomberg</a>.Baron runs the Baron Focused Growth Fund, which counted Tesla and SpaceX as its largest holdings as of December 31, 2023. The fund climbed 28% in 2023, outperforming the S&amp;P 500's gain of 24%.Baron told Bloomberg that the growth outlook for Musk's companies remains strong, even if it has moderated from previous calls."While he may not be growing 50% a year as the company thought, this year in a tough environment he's still growing volume by 15% to 20% per year and making us $7,000 per car of gross profit," Baron said.His comments come on the heels of a rough week for Tesla, which reported <a href="https://www.businessinsider.com/tesla-stock-earnings-report-q4-call-tsla-price-live-updates-2024-1" target="_blank" rel="noopener">revenue and profit that lagged estimates</a>, and warned of a production slowdown in 2024. The stock tumbled 12% on Thursday following the results and a tumultuous earnings call one analyst called a "<a href="https://markets.businessinsider.com/news/stocks/tesla-q4-quarter-earnings-call-reaction-stock-price-outlook-musk-2024-1" target="_blank" rel="noopener">train wreck</a>.""This was the most sobering outlook I have seen from Tesla," Gene Munster, the managing partner at Deepwater, said in an <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-ai-robotics-25-stake-investor-ross-gerber-2024-1?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">interview</a> with CNBC Wednesday. Meanwhile, Baron expects SpaceX's valuation to increase by 20% this year. Longer term, he sees it doubling within three years and tripling by 2030. Bloomberg previously reported the company is worth more than <a href="https://www.bloomberg.com/news/articles/2023-12-06/spacex-tender-offer-said-to-value-startup-at-175-billion-plus" target="_blank" rel="noopener">$175 billion</a>.The Tesla allocation in Baron's fund is critical for his ambition to boost his total assets to $2 billion, up from current levels of about $1.3 billion.One reason Baron is so bullish on Musk is that the world's richest person still holds a significant stake in his companies. Baron says he looks for such ownership levels when deciding where to invest."[Musk's] interests are aligned with ours," Baron maintained. "He's not going to do anything stupid to change the trajectory of the companies."

Tesla stock will gain 550% and SpaceX's valuation will triple by 2030 under Elon Musk's leadership, top investor says

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

The Best Credit Cards With Primary Rental Car Insurance of 2024

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

<ul><li><keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> hit a $1 trillion valuation for the first time ever on Monday, after eclipsing $900 billion on Friday.</li><li>The move solidified Tesla as the second-fastest company ever to hit the milestone valuation, barely behind Facebook.</li><li>Shares of Tesla have surged nearly 30% in October thanks to record profits and a 100,000 vehicle order from Hertz.</li></ul>Driven by record profits and <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-hertz-orders-100000-model-3-rental-2021-10">a 100,000 vehicle order</a> from Hertz, <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> crossed the $1 trillion valuation milestone for the first time ever on Monday.The move on Monday comes just one trading day after the electric vehicle manufacturer surged past the $900 billion valuation level on Friday. A streak of solid earnings helped catapult shares of Tesla up nearly 30% in October, with the company <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-3q-earnings-reaction-record-car-production-sales-2021-10?utm_source=markets&amp;utm_medium=ingestgest">reporting record profits and revenues</a> in its third-quarter earnings report last week.Consumers' adoption of electric vehicles is accelerating quickly, and Tesla remains one of the best positioned companies to capitalize on the opportunity. The company is on track to sell nearly 1 million cars this year, and it has guided for 50% annual growth in vehicle sales over the next few years.The surge in Tesla helped the company become the second-fastest in history to hit a $1 trillion valuation, doing it in 18 years. That's just behind <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, which briefly crossed the $1 trillion mark earlier in June about 17 years after its founding, but well ahead of <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, which crossed the milestone in 21 years.Other members of the $1 trillion valuation club include <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, and <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, which all hit the $1 trillion valuation market 24 years, 44 years, and 46 years after their founding, respectively. Tesla surged as much as 11% on Monday to a high of $1,005 per share. That move helped <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> add more than $20 billion to his net worth in a single day, as Musk owns about 22.4% of the electric vehicle manufacturer. Musk is now the richest man in the world and <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-elon-musk-net-worth-250-billion-2021-10">is worth more than $250 billion.</a>

Tesla becomes 2nd-fastest company in history to hit $1 trillion valuation

<ul><li>Used car startup <keyword id="1945738" type="PERSON" weightage="20" keywordseo="Cardekho">CarDekho</keyword> is set to hire 2,000 people in 2019-20, and wants to add 150 stores by the end of the year. </li><li>The 11-year old startup raised $110 million in funding in January 2019. </li><li>Even while new car business is witnessing a slowdown, the used car platforms have seen a growth in business.</li></ul>Indian used cars platform CarDekho plans to hire 2000 people to scale up its businesses and add 150 stores by December 2019, according to a <a href="https://timesofindia.indiatimes.com/business/india-business/cardekho-to-hire-2000-more-employees/articleshow/70129429.cms">report</a>. The startup, which already has a headcount of over 2800, aims to hire more in both tech and non-tech roles. The reports further say that CarDekho is planning to hire senior-level professionals across insurance, fintech and retail sectors. “We have witnessed robust growth over the years. Our used car business is growing at 140% year on year. We are aggressively expanding our network of CarDekho Gaadi Stores as we aim to launch about 150 stores by the end of this year. We will be hiring about 1,000 people for our B2B business in finance and insurance verticals,” Amit Jain, co-founder and CEO of CarDekho, said in a <a href="https://www.financialexpress.com/industry/sme/cardekho-will-hire-2000-people-in-2019-20-to-accelerate-growth/1637387/">statement. </a> CarDekho, launched in 2008, offers an e-commerce portal for new and used cars, while also offering services to compare prices between cars, view/write reviews, insurance etc. In January 2019, the Jaipur-based CarDekho raised $110 million from marquee investors like Sequoia India, Hillhouse, CapitalG (the growth investment arm of Alphabet) and Axis Bank. The funding took its valuation to $500 million. CarDekho’s rival <keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> has also been bullish about the growth of the used cars sector. Cars24 CEO Vikram Chopra had told Business Insider that the startup plans to breakeven by December 2019 and plans to be in 70 cities by the end of the year. The Indian auto industry has seen a massive slowdown in the selling of new cars which has hit India’s top auto manufacturers but that hasn’t impacted the used cars businesses. See Also: <a href="https://www.businessinsider.in/Suzuki-just-lost-nearly-1-billion-because-of-whats-happening-in-India/articleshow/70128693.cms">Suzuki just lost nearly $1 billion because of what’s happening in India</a> <a href="https://www.businessinsider.in/cars24-is-looking-for-franchisees-in-300-indian-cities/articleshow/70038041.cms">EXCLUSIVE: Cars24, a startup selling used cars, wants outlets in 300 cities and is looking for potential franchisees</a> <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones</a>

CarDekho plans to hire 2,000 people as used cars are selling like hot cakes in India

<ul class="summary-list"><li>Vietnamese billionaire Pham Nhat Vuong has gotten a lot richer over the past month.</li><li>VinFast Auto stock has skyrocketed since its public debut, and Vuong owns 99% of the company.</li></ul>The <a href="https://markets.businessinsider.com/news/stocks/vinfast-stock-vfs-market-cap-ev-spac-pham-nhat-vuong-2023-8">rollercoaster ride in VinFast Auto stock</a> has put a spotlight on the electric vehicle maker's founder and chairman, Pham Nhat Vuong.<a href="https://markets.businessinsider.com/stocks/vfs-stock">VinFast</a> went public via a SPAC IPO earlier this month, and <a href="https://markets.businessinsider.com/news/stocks/vinfast-stock-vfs-market-cap-ev-spac-pham-nhat-vuong-2023-8">its stock price swiftly soared 830%</a> from $10 per share to a record high of $93.Despite selling only 24,000 vehicles last year, VinFast was worth nearly $200 billion at its peak on Monday, briefly making it the world's third largest automaker as measured by market valuation.And because Vuong, 55, owns a whopping 99% of the Vietnam-based electric vehicle maker, his fortune has soared, on paper at least. Since its peak, shares of VinFast are down 70%, giving the company a $62 billion market valuation.Even with the sharp decline in VinFast stock, that still gives Vuong a total net worth of more than $60 billion. He was already a billionaire before VinFast went public, with various estimates of his net worth <a href="https://vinfutureprize.org/founders-and-messages/#:~:text=Pham%20Nhat%20Vuong%20launched%20his,instant%20noodles%20called%20%E2%80%9CMivina%E2%80%9D." target="_blank" rel="noopener">between $4 billion and $7 billion.</a>Before becoming an EV mogul, Vuong started with food.<h3>Selling noodles in Ukraine</h3>He graduated from the Moscow Geological Prospecting Institute in Russia in 1993. Sensing opportunity in the post-Soviet Union world, Vuong moved to Kharkiv, Ukraine, borrowed $10,000 from friends and family, and opened up a Vietnamese restaurant.While the restaurant floundered, he found near instant success in making and selling instant noodles, which were a new concept in Ukraine and proved to be incredibly popular from the start."Ukrainians were very poor, and very hungry," Vuong said <a href="https://www.forbes.com/sites/michaelnoer/2013/03/04/vietnams-first-billionaire-and-the-triumph-of-capitalism/?sh=16a664c01fc1" target="_blank" rel="noopener">in an interview with Forbes</a> in 2013. He then ditched his restaurant and instead focused on building up his noodle business. He founded Technocom, expanded his dried foods production, and sold instant noodles in Ukraine under the Mivina brand name. By the time Vuong sold Technocom to Nestle in 2010 for $150 million, the company had reached annual revenues of more than $100 million.<h3>Vuong sees opportunity in Vietnam</h3>After striking success in Ukraine, he set his eyes on his home country. Vuong noticed that Vietnam was undergoing a similar shift to Ukraine, as its economy transitioned from a state-run system to a more markets-based economy in the late 1990s.He started to funnel his profits from his Ukrainian noodle business into real estate development projects in Vietnam.And he hit the jackpot.Vuong's first real estate venture was an undeveloped island just off the coast of Vietnam. There, he helped develop the luxury Vinpearl Resort that initially had 225 rooms. Vuong eventually added another 260 rooms to Vinpearl, along with a two-mile cable car that connected the island to the mainland. Business boomed and the island has since become a hot spot for luxury resorts, and Vuong got in on the ground floor.He further diversified his real estate holdings by developing office towers, luxury townships, and shopping malls in Hanoi. Vuong has since consolidated most of his assets into the company Vingroup, which is a conglomerate that has exposure to the healthcare, entertainment, and technology industries, among others.In 2013, Vuong became Vietnam's first billionaire, according to Forbes. Vingroup generated $5.4 billion in revenue and $83 million in profits in 2022.<h3>Vuong's VinFast ambitions</h3>With Vuong's fortune built, he is now focusing his efforts on owning a slice of the electric mobility market with VinFast. The company manufactures and sells electric scooters and cars, and it has an ambitious goal to break into the US market.VinFast recently broke ground on a $4 billion manufacturing plant in North Carolina, and Vuong has pledged his resources to making the company a success. "Our ultimate goal is to create an international brand," he told Bloomberg in 2019. Vuong vowed in April to provide Vinfast with $2.5 billion in capital to help fuel its growth. "Whatever VinFast needs, Vingroup always supports," VinFast CEO Le Thi Thu Thuy <a href="https://archive.ph/20230901141221/https://www.ft.com/content/714a6beb-9815-4efe-b7b4-5c5921e96879" target="_blank" rel="noopener">told the Financial Times</a> before it went public.But the company has a lot of work to do. VinFast expects to sell about 50,000 electric vehicles in America this year, but <a href="https://www.motortrend.com/reviews/2023-vinfast-vf8-electric-suv-first-drive-review/" target="_blank" rel="noopener">the early reviews of their first US models were not great.</a> Meanwhile, VinFast is still unprofitable after six years in businessStill, Vuong is determined. "It will be a very difficult road, and we will have to put in a lot of effort. But there's only one road ahead," he <a href="https://archive.ph/20230901141221/https://www.ft.com/content/714a6beb-9815-4efe-b7b4-5c5921e96879" target="_blank" rel="noopener">said in 2019.</a>

From Ukrainian noodles to electric cars. Here's how VinFast founder Pham Nhat Vuong built a more than $60 billion fortune

<ul><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> 425% year-to-date rally places the stock at an unsustainable high, Needham analyst Rajvindra Gill said Monday.</li><li>"We've never seen a stock rise that much that fast with such little regard for past fundamentals," Gill added.</li><li>Wall Street's revenue and earnings estimates haven't kept up with the stock's meteoric rise this year, the analyst said.</li><li>Even if <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> can lift sales at a compounding annual growth rate of 21% over the next decade and slash costs, Needham's 2029 base case implies a 14% decline.</li><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Watch Tesla trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> rally through 2020 defies expectations, market precedent, and even its own example, Needham said Monday. The automaker's shares are up roughly 425% year-to-date compared to the S&amp;P 500's 9% gain in the same period. Though some of the gains were fueled by earnings beats and analyst upgrades, surging interest from retail investors and Tesla bulls largely drowned out cynics since the stock's March low.While it may be "unfashionable" to judge the stock on its valuation, doing so is necessary to separate the hype from the shares' true value, Needham said."In our experience, we've never seen a stock rise that much that fast with such little regard for past fundamentals," analyst Rajvindra Gill said in a note before reiterating his "underperform" rating for Tesla shares.Read more: <a href="https://www.businessinsider.com/stock-picks-amazon-prime-day-retail-investing-strategy-proshares-hyman-2020-10">The global investment strategist at a $44 billion ETF shop explains why the pandemic-fueled boom of online retail is set to accelerate — and shares 5 stocks to watch other than Amazon ahead of its Prime Day</a>For one, consensus estimates haven't kept up with Tesla's share surge. The stock leaped as much as 490% from its March bottom to current levels. Over the same period, Wall Street's revenue estimate for 2021 climbed only 12%, and its adjusted earnings estimate jumped 25%. Estimates for 2022 revenue and earnings increased 2% and 42%, respectively. The rally "created a further disconnect" between the stock's price and fundamentals that first cropped up last year, Gill said.Even if investors look further out, Tesla's current valuation leaves limited upside and possibly significant downside, he added. Needham's base-case scenario sees the automaker's sales grow at a compounded annual rate of 21% over the next decade. Free cash flow grows at a 35% rate. By 2029, the company sells 4 million cars per year at an average price of roughly $41,000, cementing it as the world's top automaker.Yet the base case implies a 14% slump from today's stock price when discounting 10 years of free cash flow, Gill said. Even the firm's bearish case, which projects annual sales growth of 17%, is "still no easy accomplishment." Needham also dispelled the Tesla bulls who suggest Elon Musk's company should be valued more like a tech giant than a legacy automaker. Tech stocks trade at lofty earnings-per-share multiples between 35x and 45x. While Tesla has posted steady sales growth in recent years, "it has not shown the consistent profitability that warrants" such a valuation, Gill said.Even if it deserved to trade at the top of the tech-multiple range, <keyword id="4877330" type="PERSON" weightage="60" keywordseo="Tesla-Stock">Tesla stock</keyword> would still sit at roughly $330, or 24% lower than its current levels, he added.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/stock-market-stimulus-shaky-coronavirus-support-economic-recovery-slowing-elerian-2020-10-1029670657">Mohamed El-Erian says whipsawing markets are moving first and finding justification later</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-coronavirus-vaccine-more-important-election-earnings-goldman-2020-10-1029669920">Vaccine developments are more important to stocks than election results and 3rd-quarter earnings, Goldman Sachs says</a><a href="https://www.businessinsider.com/stock-market-crash-expert-foresees-drop-massive-financial-crisis-bankruptcies-2020-10">'The largest financial crisis in history': A 47-year market vet says the COVID-19 crash was merely a 'fake-out sell-off' — and warns of an 80% stock plunge fraught with bank failures and bankruptcies</a><div type="image" title="TSLA" height="1128" width="1436" msid="78626637" hostid="261"></div>

Tesla's 425% surge this year ignores fundamentals more than any other stock rally in history, Needham says

<ul><li>Edtech company Byju's is now <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company <keyword id="6357120" type="COMPANY" weightage="20" keywordseo="paytm">Paytm</keyword>'s $16 billion valuation.</li><li>Byju's is the 11th most valuable startup in the world.</li><li>The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion.</li></ul>Edtech company Byju's is now India's most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company Paytm's $16 billion valuation. As per CB Insights data, as of June 2021, Byju's is the 11th most valuable startup in the world. The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion. Byju's investors include Tencent Holdings, Lightspeed India Partners and Sequoia Capital India. It has recently raised $350 million from UBS, private equity giant Blackstone, Abu Dhabi state fund ADQ, Phoenix Rising and video conference firm Zoom's founder Eric Yuan. One97 Communications, the parent company of Byju's, has a valuation of $16 billion with investors like Intel Capital, Sapphire Ventures and Alibaba Group. A unicorn company, or unicorn startup, is a private company with a valuation over $1 billion. As of June 2021, there are more than 700 unicorns around the world. Popular former unicorns include Airbnb, Facebook and <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword>. The variants include a decacorn, valued at over $10 billion, and a hectocorn, valued at over $100 billion, CB Insights said. Oyo Rooms is valued at $9 billion with investors like SoftBank Group, Sequoia Capital India and Lightspeed India Partners. The National Stock Exchange is valued at $6.5 billion with investors including TA Associates, SoftBank Group and GS Growth. Ola Cabs is valued at $6.3 billion and has investors like Accel Partners, SoftBank Group and Sequoia Capital. Zomato is valued at $5.4 billion with investors including Sequoia Capital and VY Capital. Another food delivery chain, Swiggy, is vaued at $5 billion and its investors include Accel India, SAIF Partners and Norwest Venture Partners. Internet software company Dream11 is valued at $5 billion with investors including Kaalari Capital, Tencent Holdings and Steadview Capital. Logistics company Udaan is valued at $ 3.1 billion and has investors including DST Global, Lightspeed Venture Partners and <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> ScaleUp. Fintech company Razorpay is valued at $3 billion with investors like Y Combinator, Tiger Global Management and Matrix Partners India. Fintech company Pine Labs is also valued at $3 billion with investors namely MasterCard, Temasek and PayPal Ventures. Logistics company Delivery is another firm that is valued at $3 billion with investors including Times Internet, Nexus Venture Partners and SoftBank Group. Policybazaar is valued at $2.4 billion, Renew Power at $2.28 billion, fintech company CRED at $2.2 billion, consumer company FirstCry at $2.1 billion, software company Meesho at $2.1 billion, while <keyword id="3358959" type="COMPANY" weightage="20" keywordseo="ShareChat">Sharechat</keyword> is also valued at $2.1 billion. Edtech copany Unacademy is valued at $2 billion, ecommerce company Urban Company is valued at $2.1 billion, BillDesk at $1.9 billion and DigitInsurance at the same number. Lenskart is valued at $1.5 billion, Five Star Business Finance at $1.4 billion, Rivigo at $1.07 billion, Snapdeal at $1 billion as also Inmobi, Ola Electric, Cars 24, Daily Hunt, Infra Market and Groww. (Sanjeev Sharma can be reached at Sanjeev.s@ians.in) --IANS san/arm

Byju's most valuable startup in India and 11th in the world with a valuation of $16.5 billion

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> minted four used-car unicorns between November 2020 and November 2021.</li><li>A growing middle class and the rise of the millennial generation is driving the sector's growth.</li></ul>Ram Goswami bought a five-year-old Nissan Terrano last year after getting rid of his sedan. He'd owned the sedan for over a decade, but increasing maintenance costs and repairs started to pinch Goswami's pockets. The marketing professional, who's based in Delhi, purchased the SUV for ₹350,000 ($4,662) — less than half its market price."I preferred a used car over a new car since I'm getting a good deal," Goswami, 37, told Insider."If someone has enough money and doesn't need a loan, then he can go for a new car. But <keyword id="11939507" type="UNKNOWN" weightage="60" keywordseo="used-cars" source="Orion">used cars</keyword> are a blessing for people like me," Goswami added.Niroop Rajan, a techie from Bangalore, picked up a 10-year-old BMW luxury sedan last year for ₹700,000 ($9,318). It's his first car, and for him, owning a car is a status symbol."The emotion I felt from driving my parents in my car for the first time was overwhelming. It doesn't matter if it's a used one. I was overjoyed," Rajan, 31, said.While the two millennials live two thousand kilometers apart, Goswami and Rajan are part of a massive churn in India's automobile industry. Both Goswami and Rajan purchased used cars – a rapidly growing segment in India powered by digital disruption, newfound love from millennials, a buffet of financial options, and pandemic travel restrictions.<h2>Four new used-car unicorns</h2>It's a good time to be a used-car startup in India.For every new car sold in the country last year, about 1.4 used cars were sold, up from <a href="http://www.indianbluebook.com/storage/app/media/Insights/India-Pre-Owned-Car-Market-Report-3rd-Edition-2019.pdf">1.2 before the pandemic.</a>Between November 2020 and November 2021, four India-based startups that exclusively sell used cars became unicorns (startups valued at $1 billion or more) and minted a record amount of investment. India is home to about 80 unicorns total.The four startups – Cars24, Droom, Spinny, and CarDekho – raised over $1.5 billion total from global marquee investors. That's more than what these platforms raised in the previous five years put together, figures from their valuation announcements show.Market leader Cars24 saw its valuation nearly double within three months late last year. In September, it was valued at $1.84 billion; the latest funding round in December put the valuation at $3.3 billion. The company is expanding its global footprint with new branches in Australia and the UAE, and it's <a href="https://www.exchange4media.com/marketing-news/cars24-announces-international-expansion-now-operational-in-uae-australia-113641.html">eyeing the Southeast Asian market.</a> Those pouring the money include New York-based investment firm <a href="https://www.spinny.com/about-us/">Tiger Global,</a> American giant <a href="https://india.sequoiacap.com/india/companies/cars24/">Sequoia Capital</a>, <a href="https://economictimes.indiatimes.com/tech/funding/cardekho-enters-unicorn-club-with-250-million-funding-led-by-leapfrog-investments/articleshow/86973768.cms">LeapFrog Investments</a>, Abu Dhabi-headquartered <a href="https://tracxn.com/d/companies/spinny.com">ADQ</a>, and China-based venture capital firm <a href="https://www.cars24.com/blog/cars24-raisesi-450-million-nearly-doubles-its-valuation-to-1-84-billion/">DST Global.</a> And in December, India's star sportsman Sachin Tendulkar <a href="https://auto.economictimes.indiatimes.com/news/aftermarket/sachin-tendulkar-invests-in-used-car-platform-spinny/88276324">invested an undisclosed amount </a>in Spinny.<h2>The pandemic and millennials are behind the change</h2>The pre-owned car market started to outpace the new car market during the pandemic. The poor economic situation dented the demand for new cars, and the global semiconductor shortage prolonged the waiting period. Public <keyword id="11894924" type="UNKNOWN" weightage="100" keywordseo="transportation" source="Orion">transportation</keyword>, too, has taken a hit. "What happened in the last year during the pandemic is that the way people commute has changed," said Kushal Bhatnagar, an engagement manager at consulting and research firm RedSeer. "During the pandemic era, the usage of [ride-hailing services] Ola and Uber dropped. Shared mobility as a concept declined in India."All these factors have had an unintended spillover on the used car market, providing a jumpstart for startups like Droom, an online-only marketplace that offers fair pricing assessments and digitized vehicle histories.<div type="image" title="Droom CEO Sandeep Aggarwal" height="2661" width="3547" msid="90288740" hostid="261"></div>Droom CEO Sandeep Aggarwal said the growth in India's used-car market is driven by the country's growing middle class and the rise of a young population armed with disposable income."We get about 16 million monthly user traffic and about 75% of them come from millennials," Aggarwal told Insider. Indeed, millennials make up 80% of the buyer base for used cars, one <a href="https://www.motownindia.com/Bureau/Auto-Industry/3192/Millennials-Gen-Z-appetite-for-used-cars-on-the-rise-Cars24-Ipsos-Report-Motown-India-Bureau">industry research</a> found.The CEO added that the demand for used cars in India is reflective of a change in generational mentality."'My father had a scooter. After working for 25 years, he bought his first car at the end of his career. I don't want that. I want a car now,' is what a millennial thinks," Aggarwal said. "This aspirational value has been embedded in the generation of Indian millennials."<div type="image" title="Motorbikes and scooters lined up in India." height="2448" width="3264" msid="90288741" hostid="261"></div>The type of demand in the market is also shifting, two industry insiders said."Often what we see is someone will prefer a four-year-old gently used BMW for 1.2 million rupees ($16,000) to a brand new Honda city for the same amount," Aggarwal said."A lot of people who owned two-wheelers now want a car for their family and their obvious choice is a used one. The age group driving this growth is between 30 and 35," echoed Anurag Jain, the cofounder of CarDekho.<h2>Moving towards a focus on the user</h2>With an estimated <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">30,000 brick-and-mortar dealers</a> across the country, India's used-car market is a highly fragmented area dominated by mom-and-pop operations. Until about five years ago, most used-car services were seller-centric listing services. The segment was riddled with untrustworthy agents and cumbersome paperwork.But this is slowly changing. The segment is moving towards user experience-focused systems and buyer-focused business models.Consider CarDekho, a 14-year-old company that hit unicorn status in October. The marketplace offers end-to-end services such as doorstep pickup, financing options, insurance, post-service warranty, and long-term maintenance packages."In India, it will not be a pure-play digital transaction where one book and get the car delivered to home. Most of India will be O-to-O (online-to-offline), a blend of the digital and offline marketplace," Jain told Insider.<div type="image" title="A used car lot in India" height="1908" width="2544" msid="90288743" hostid="261"></div><h2>The road ahead</h2>While the demand for pre-owned cars <a href="https://www.ft.com/content/6617dc19-6302-42b6-9c98-94faecb0dd8c">has soared across the world</a>, India is a hugely under-penetrated market. Only <a href="https://www.census2011.co.in/hhassets.php">about 4% of households</a> in the country own a car.Globally, China leads the used-car market with 21.4 million units sold in 2019, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer</a>. The US follows in second place with 17.5 million used cars sold in 2019. India is in fifth, with 4.4 million units sold.The country's automotive industry is expected to be worth $300 billion by 2026, per an <a href="https://www.ibef.org/industry/automobiles-presentation">estimate</a> from government-backed think tank India Brand Equity Foundation. The business of pre-owned vehicles stands to play a key role in this growth. From the 4.4 million used cars purchased in 2021, numbers are expected to almost double in five years, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer's forecast</a>.For now, India's used-car unicorns are aggressively adding more manpower and markets to capitalize on opportunities. Droom and CarDekho are eyeing a public listing in the coming months."If we look at the large economies like the US, Western Europe or Japan, we're talking about 70%+ adoption of cars," said Droom's Aggarwal. "In India, the motorization adoption is set to grow from 22 cars per 1000 people to 200 cars per 1000 people in three decades."

How millennials and the pandemic are powering India's used-car market, where 4 startups hit unicorn status in one year

<ul class="summary-list"><li>BofA analyst John Murphy said <keyword id="12103102" type="UNKNOWN" weightage="60" keywordseo="lucid" source="Orion">Lucid</keyword> could become the next <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> or <keyword id="12103104" type="UNKNOWN" weightage="60" keywordseo="ferrari" source="Orion">Ferrari</keyword> based on estimates.</li><li>Murphy called Lucid "one of the most legitimate start-up EV automakers" in its report.</li><li>Lucid Group went public earlier in July via a SPAC and unveiled its first car earlier this month.</li></ul>Lucid was dubbed the next Tesla or Ferrari in a recent analyst note from <keyword id="11921643" type="UNKNOWN" weightage="60" keywordseo="bank-of-america" source="Orion">Bank of America</keyword>.Bank of America analyst John Murphy said Lucid could pose a threat to other startups like Tesla and Rivian, as well as more established automaker's EV brands like Ford and GM. When he initiated coverage of the electric carmaker's stock on Wednesday, he called Lucid "one of the most legitimate start-up EV automakers."In the note to investors, the Bank of America analyst said that Lucid has many of the ingredients necessary for success, including "innovative technology, attractive product, compelling brand, clean sheet manufacturing approach, and impressive management."In particular, Murphy highlights the <a href="https://www.businessinsider.com/tesla-model-s-lucid-air-dream-price-range-2021-9">Lucid Air sedan,</a> which was officially unveiled earlier this month with a starting price of $77,400. On Wednesday, <a href="https://www.autoweek.com/news/green-cars/a37390762/lucid-estimates-range-and-hp/">Autoweek reported</a> that the range for the premium edition of the sedan, the Lucid Air Dream, surpasses the company's own estimates, hitting 520 miles on a full charge.Preorders for the Lucid Air Dream are already sold out. That model costs $169,000 <a href="https://www.businessinsider.com/tesla-model-s-lucid-air-dream-price-range-2021-9">compared to Tesla's high end Model S,</a> which starts at $130,000. Its price puts it just below the $200,000 to $400,000 <a href="https://www.mtvehicles.com/post/average-price-for-a-ferrari#:~:text=After%20all%20is%20said%20and,custom%20car%20straight%20from%20Ferrari.">price range for a new Ferrari.</a>The reports come a day after Morgan Stanley's Adam Jonas <a href="https://www.marketwatch.com/story/lucid-is-a-super-premium-ev-company-but-competition-is-too-great-morgan-stanley-says-11631638089">said in a note</a> to investors that Lucid is a "super premium" electric-car company, but ultimately competition in the EV market may be too great for the startup. At the time, Jonas said Lucid and Israel-based Ree Automotive "face higher execution risk that impacts the risk/reward for investors." But Murphy joins the majority of analysts from <a href="https://www.cnbc.com/2021/09/09/electric-vehicle-stock-citi-thinks-this-name-could-compete-with-tesla.html">CFRA and Citi</a> who are bullish on Lucid stock. While Jonas posted a $12 price target, Murphy puts Lucid's target at $30. The analyst said he has a bullish view of Lucid based on an EV/sales ratio of around 3.0x and an EV/EBITDA multiple of around 37x for 2025 estimates. He notes that the multiples are higher than Tesla's when it first started out, though they pale in comparison to current Tesla numbers.Lucid Group went public earlier this year on the Nasdaq via a special acquisition merger with Churchill Capital IV Corp and <a href="https://www.cnbc.com/2021/07/26/lucid-motors-ceo-peter-rawlinson-says-ev-in-enviable-position-stock-pops.html">received a $24 billion valuation.</a>

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