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Cars24 founder, Kunal Mundra on skipping the recent IPO frenzy

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

The risky allure of WiFi Money: private jets, sports cars, and ruined investors

<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

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 class="summary-list"><li>The Francis Scott Key Bridge collapse has blocked shipments in and out of the Port of Baltimore.</li><li>The port is a key shipping point for cars, construction and farm equipment, and coal.</li></ul>After a cargo ship crashed into Baltimore's <a target="_blank" href="https://www.businessinsider.com/francis-scott-key-bridge-baltimore-collapses-after-struck-large-boat-2024-3">Francis Scott Key Bridge</a> and caused it to collapse, shipments in and out of the Port of Baltimore could be blocked for weeks.The <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-cargo-ship-mayday-call-traffic-2024-3">Dali container ship</a> collided with one of the bridge's support beams early Tuesday morning, causing large portions of the 1.6-mile bridge to collapse into the Patapsco River, with the wreckage effectively blocking ships from moving in and out of the Port of Baltimore.The <a target="_blank" href="https://www.businessinsider.com/bigger-ships-making-shipping-incidents-baltimore-bridge-more-complicated-2024-3">port is currently closed to vessels</a> until further notice, with officials saying it's unclear when it will be able to reopen.Industry experts say it could take months and that an extended disruption could have <a target="_blank" href="https://www.businessinsider.com/baltimore-port-closure-could-cost-15-million-per-day-2024-3">major economic consequences</a>, as well as direct impacts on the port's biggest imports and exports."If the port is closed, it's going to impact all of them," Daraius Irani, chief economist for the Regional Economic Studies Institute at Towson University, told Business Insider.<h2>The biggest point of entry for imported cars</h2>The Port of Baltimore is the top port in the US for roll-on/roll-off cargo, which refers to wheeled cargo like vehicles, construction equipment, and agriculture equipment, according to the port.In 2023, the port handled 847,158 automobiles and light trucks — more than any other US port for the thirteenth straight year — according to <a target="_blank" href="https://msa.maryland.gov/msa/mdmanual/01glance/html/port.html#cargo">data from the Port of Baltimore</a>."Baltimore is relatively unique in having the infrastructure to accept the cars and to store them until they ultimately reach their final destination," Anirban Basu, economist, founder, and CEO of Baltimore-based Sage Policy Group, told BI.Roll-on/roll-off cargo is especially difficult to divert to other ports, in part because it generally takes up a lot of space and requires specific handling.General Motors told BI that it expects the collapse to have a "minimal impact" on their operations. "Our thoughts are with those who were affected and the Baltimore community," the statement said, adding: "We are working to re-route any vehicle shipments to other ports as the recovery work continues."A spokesperson from Ford said, "Where workarounds are necessary, our team has already secured shipping alternatives."The Port of Baltimore said it handled 1.3 million tons of imported roll-on/roll-off cargo in 2023, including heavy farm and construction equipment.Basu said Caterpillar, a maker of construction, mining, and agricultural equipment, also moves much of its product through the Port of Baltimore. Caterpillar did not immediately respond to a request for comment from BI.<div type="image" title="Aerial shot of the Port of Baltimore at sunset, looking across and intermodal container yard towards a ship being unloaded by cranes." height="2160" width="3840" msid="108804870" hostid="261" sizebytes="385616"></div><h2>Coal, gypsum, and sugar</h2>In 2022, coal was among the top export commodities by weight moved through the Port of Baltimore. In 2023, the port ranked second in the US for coal exports, according to the port."The Port of Baltimore, over time, has developed the ability to store and then load coal onto ships and have those ships go places long and far, including India," Basu said, noting Maryland's proximity to West Virginia and <a target="_blank" href="https://www.businessinsider.com/coal-magnate-building-renewable-energy-plant-size-chicago-2024-3">coal country</a>. "And so tons of coal are set not to be sent abroad in the near term as the port suffers this lack of operability."In 2023, the Port of Baltimore was also the top US port for imported gypsum, a mineral commonly used in fertilizer and construction material, and imported sugar, according to the port, which has a Domino Sugar refinery operating nearby.ASR Group, whose companies include Domino Sugar and C&amp;H Sugar, told BI in an emailed statement they do not expect any short-term impacts to their operations in Baltimore."The Baltimore Refinery has six to eight weeks of raw sugar supply on hand with a ship currently discharging at the refinery's dock and another that finished unloading on Monday, March 25," the statement said. "ASR Group also owns a network of production facilities and warehouses across the US that all currently have healthy inventories of finished products and can be utilized if necessary."<h2>Paper, chocolate, and ice cream</h2>Many other items pass through the port every day. According to the port, in 2022, that included 1,000 tons of aircraft and parts, 793,695 tons of paper, 24,900 tons of chocolate, and $59.4 million worth of ice cream.In 2023, 444,000 cruise ship passengers also departed from the terminal at the Port of Baltimore.How much the port closure will impact each of these industries remains to be seen. "It really just depends on how much stuff was there before this accident happened," economist Irani said.A research briefing from <a target="_blank" href="https://www.oxfordeconomics.com/wp-content/uploads/2024/03/The-economic-costs-of-the-Key-Bridge-collapse.pdf">Oxford Economics</a> said the bridge collapse will likely have a greater impact on the local Baltimore economy than on a national level."There will likely be some temporary disruptions to certain industries, including automakers, but nothing that warrants an immediate change to our baseline forecast," the briefing said. "Ultimately, the duration of the disruptions at the Port of Baltimore, along with how quickly trade can be rerouted, will determine the economic costs.

Industries from cars to coal to ice cream could be impacted by Baltimore bridge collapse

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

<ul><li>The Finance Minister reduced the maximum tax rate, and that will push HNIs and UHNIs to invest more. </li><li>Home-grown and global AIFs with domicile in GIFT City are also expected to benefit from the tax incentives given in the budget, Crisil said. </li><li>Luxury imported cars and international travel will become expensive and deduction on capital gains on luxury home sales is capped too. </li></ul>The Union Budget 2023-24 is being hailed as the common man’s budget, but at the same time many diverse announcements might make things a tad difficult for high-networth and ultra- high-networth individuals (HNIs and UHNIs) in the coming year. First on the positives: finance minister Nirmala Sitharaman did recognise that the highest tax rate in the country is also the highest in the world at 42.74%. This is for those with an annual income of above ₹5 crore. She reduced the maximum tax rate to 39% by lowering the surcharge. This move, Crisil says, will push HNIs and UHNIs – who have an investible surplus of over ₹5 crore and ₹25 crore respectively, to invest more. “The reduction of surcharge at the highest tax bracket and its impact on the reduced incidence of taxation for individuals in the bracket is expected to improve their appetite for investing in alternative investment funds (AIFs), portfolio management services, and other alternate investment products,” said a report by ratings agency Crisil on the Budget impact. AIFs and family offices are also expected to benefit from measures announced in the Budget for startups – to extend the period of incorporation and carry forward losses. It enables the entire ecosystem of startups and the investor community. “Home-grown and global AIFs with domicile in GIFT City are also expected to benefit from the tax incentives given in the budget,” Crisil said. Last year,<a href="https://www.businessinsider.in/finance/news/9-in-10-super-rich-indians-get-richer-in-2022-knight-frank/articleshow/97033671.cms"> nine out of ten UHNIs from India</a> were able to grow their wealth in spite of the Russia-Ukraine conflict, rising interest rates and inflation. In fact, 35% of them were able to grow their wealth by more than 10%, said a report by Knight Frank, and were confident of it growing more in 2023. At 34%, equities constituted the largest chunk of the UHNI portfolio in 2022, as per the report. Importing cars &amp; travelling abroad gets costlier And now to the not-so-good news for the HNIs and UHNIs. Taking money abroad has been complicated as all remittances abroad – with the exception of education via loan and for medical reasons – will be subjected to a 20% tax collected at source (TCS). This will impact investments abroad, which will be taxed at 20%, without any threshold limit. International travel will also become costlier. “One budget proposal that will negatively impact the industry is the move to increase the TCS mandate from 5% to 20% on overseas tour packages. This will not only increase the upfront cash outflow for customers but will also give an unfair advantage to foreign-based online travel booking platforms over India-based travel agents and tour operators,” said Rajesh Magow, co-founder and group CEO of MakeMyTrip. Luxury cars, yet another favourite asset class that India’s rich and super-rich are keen on will also get expensive. The Budget 2023-24 increased customs duty on these cars that are imported – affecting those who love Lamborghinis, Mustangs, Ferraris and more. The FM raised the customs duty from 60% to 70%. "The policies chalked out for the automobile industry incurring increased duty rate is very unlikely to have any impact on the entry-level luxury vehicle segment,” said Sumit Garg, co-founder and MD, Luxury Ride. But those keen on buying high-end models of Mercedes, Land Rover, Porsche and Aston Martin with engine capacities over 3,000cc will have to shell out more. REITs &amp; luxury homes The FM has also proposed to limit deductions from capital gains on investments into residential houses under Sections 54 and 54F to ₹10 crore. “This essentially means that if one sells a house, and gains are more than ₹10 crore, then maximum benefit they can avail is up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will now be taxed. This is a negative on this segment as previously there was no such cap,” said Anuj Puri, chairman of Anarock group, an investment consultancy. According to the Knight Frank report, UHNIs, in particular, love purchasing residential properties, and the Indian super-rich own 5.1 residences on an average – higher than that of their global counterparts. Moreover, in 2022, about 14% of UHNIs purchased a home, and about 10% are expected to make a new home purchase in 2023. If they indeed do, in the new financial year, they would have to add in the tax element into its resale value. However, the report says that India’s super-rich investments in real estate go beyond residential properties. A significant portion of UHNI wealth – as much as 25% – was allotted to commercial properties in 2022, either directly through ownership or indirectly through funds. This includes directly in the form of assets, and indirectly via funds and REITs or real estate investment trusts. It might look like some of these investments need to be recalibrated as per the Budget proposals – income distributed through redemption of units by business trusts such as REITs and InvITs or infrastructure investment trusts, is to be taxed in the hands of unit holders. “REITs/InvITs, which have emerged as an attractive tool for investment, may see some short-term volatility but are expected to remain an efficient option for investors looking to park funds in India’s promising real estate and infrastructure markets,” said Crisil. In addition, the Budget has also taxed the maturity and surrender amount of non-ULIP insurance policies, if the premium paid by an individual is over ₹5 lakh a year. This could also be bad news for policyholders who purchase high-ticket non-ULIPs in the affluent segment. All in all, the government is leaving more in the hands of India’s rich along with the common man – but for the former, it is redrawing the landscape for saving, investing and spending. SEE ALSO <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a> <a href="https://www.businessinsider.in/finance/news/brides-buy-half-of-all-gold-jewellery-sold-in-india-says-world-gold-council-report/articleshow/97168432.cms">Brides buy half of all gold jewellery sold in India says World Gold Council report</a>

India’s rich to shell out more for luxury cars, global travel but may have more to invest

<ul><li>Once you have reported the theft to the police, get in touch with your insurance provider immediately to report the incident. </li><li>Providing incorrect or misleading information or granting someone else permission to use the vehicle at the time of the theft can lead to claim rejection. </li><li>The amount of motor insurance claim settlement is calculated based on the insured declared value (IDV). </li></ul>In a recent court ruling, an insurance company was asked to pay 70% of the claim amount for a <keyword id="69401" type="General" weightage="20" keywordseo="bike-theft" source="Orion">bike theft</keyword> – this was despite the claim being filed 100 days after the theft. The Insurance Regulatory and Development Authority of India (IRDAI), however, is yet to issue clarifications on the matter. With <keyword id="6514325" type="General" weightage="20" keywordseo="vehicle-theft" source="Orion">vehicle theft</keyword> a serious issue in India, it’s important to know all the rules around vehicle theft claims, so that your claim is not rejected. A comprehensive insurance policy offers protection against vehicle theft, but the insured needs to be completely aware of the claim process. “The first step after your vehicle is stolen is to file a police report [FIR]. This report will provide important details about the theft, such as the date, time, location, and a description of the parking details and last usage details of the stolen vehicle,” says TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance. Notify the insurance company immediately In case of vehicle theft, time is of the essence. “It is recommended that the insurer is immediately notified on the discovery of the vehicle theft, and the claim should also be filed without delay, as any delay in filing the claim can potentially affect the processing and settlement of the claim,” says Parthanil Ghosh, president, retail business, HDFC ERGO General Insurance. The specific time limit for filing a claim for vehicle theft may vary depending on the terms and conditions of the insurer. Your insurer will furnish you with a claims form that will help you through the process of filing the claim. Your insurance company will probably require some supporting documentation to substantiate your claim. This could involve submitting the police first information report (FIR), the original registration certificate (RC), all original keys, and any other pertinent records to your insurance provider. Agrees Yagnesh Dosshi, co-founder and director, Raghnall Insurance Broking and Risk Management. “Once the FIR is filed, the policyholder needs to report the theft to the insurance company immediately and initiate a claim request as soon as possible, ideally within 24-48 hours of the theft.” Why your vehicle theft claim may rejected An insurance company may deny a claim for vehicle theft under certain circumstances. It is important for the policyholder to report the theft to her insurance provider as soon as possible, as any delay in reporting may result in the denial of the claim. Providing incorrect or misleading information to the insurer or granting someone else permission to use the vehicle at the time of the theft can also lead to rejection of the claim. Additionally, if the policyholder's insurance policy was inactive at the time of the theft, the claim may be denied by the insurer. “Also, if the insurance company has reason to suspect that the policyholder was involved in the theft of their own vehicle, they may reject the claim, which is called a breach of trust and is against the principle of utmost good faith in insurance,” says Ramalingam. How much compensation are you entitled to? In the event that a claim for vehicle theft is approved, the amount of compensation you receive will be determined by the terms and conditions of your insurance policy as well as the insured declared value (IDV) of the stolen vehicle. The IDV is the amount that you had declared as the vehicle's value when you purchased the insurance policy, and it serves as the maximum amount that your insurer will pay out in the event of a total loss or theft. “In case the vehicle has been purchased with a bank loan then the insurer will reimburse the payout amount to the bank,” says Ghosh. If the stolen vehicle is found, the insurance company will compensate for any damages that occurred to the vehicle during the theft.

Victim of a car theft? Here is all you need to know about claims

<ul><li><keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> has announced its first franchisee in Surat. </li><li>The startup plans to breakeven by December 2019. </li><li>It plans to invest ₹1-1.5 million into a franchise depending on the location. </li></ul>Indian used cars startup Cars24 is adopting the franchise model to expand across the country. This will help them set-up 300 outlets in tier 2, 3 and 4 cities over the next two years. The startup plans to breakeven by December 2019, and the franchising model could help ramp up operations. Strengthening its presence in tier 2 cities, it also opened a franchisee branch in Surat – the second largest automobile market in India. It plans to invest ₹1-1.5 million into a franchise, depending on the location. It is shortlisting partners after putting them through a lens, and clearing only one from every 200 applications. “Our key objective is to address the challenges that are faced by sellers and buyers in non-metro cities. We are filling the vast gap of a dependable partner in the used car segment and associating the entrepreneurial spirit and local talent of non-metro cities with our platform for seamless execution,” said Mehul Agarwal, Co-founder and COO, CARS24. Cars24 sells over 13,000 cars every month through its platform. In over four years, it sold 1.6 lakh cars. It is now present in 35 cities with 150 branches, Cars24 plans to be in 70 cities with 230 branches, by 2019. “We only have 2% market share of the $30 billion used car market. In India, 5 million used cars are sold every year. Our objective is to take this 2% to 20% over the next 5 years,” Vikram Chopra, co-founder and CEO of Cars24 had said in an earlier interview with Business Insider. This development from Cars24 comes at a time when the Indian auto industry is witnessing a slowdown in the sales of new cars. The country’s largest car maker <a href="https://www.livemint.com/auto-news/maruti-suzuki-sales-down-14-in-june-at-124-708-units-1561984801149.html">Maruti Suzuki </a>too reported a 14% decline in sales in June. Passenger vehicle sales have been suffering for the last eight months. <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">Consumer sentiment has suffered due to</a> cost increases amid strict safety regulations, delay in monsoon, rural stress, slowing economy and liquidity constraints. See Also: <a href="https://www.businessinsider.in/news/auto-sales-continue-to-slip-for-eight-straight-months-making-revival-tough/articleshow/70034595.cms">Auto sales continue to slip for eight straight months, making revival tough</a>

EXCLUSIVE: Cars24, a startup selling used cars, wants outlets in 300 cities and is looking for potential franchisees

<ul><li>In an exclusive interview with Business Insider, <keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> CEO Vikram Chopra said the startup will breakeven by December 2019. </li><li>Having sold over 1.6 lakh cars since 2015, they plan to be in 70 cities by the end of the year. </li><li>Cars24 has been heavily advertising during the ICC Cricket World Cup and during the India vs Pakistan match, traffic to their website went up by 85%.</li></ul>Indian used cars platform Cars24 is set to breakeven by December 2019. Having raised over $100 million in funding, the platform which helps sellers sell their cars has grown rapidly since its launch in 2015. In an exclusive interview with Business Insider, Cars24 co-founder and CEO Vikram Chopra said that the company was on track to break even soon. “We operationally make money on every car and our funding needs are not very high,” said Chopra. Cars24 sells over 13,000 cars every month through its platform and over 4 years has sold 1.6 lakh cars. Currently present in 35 cities and 150 branches, Cars24 plans to be in 70 cities and 230 branches by 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,” said Chopra. Interestingly, they have been cashing in on television ads during the ICC Cricket World Cup. In fact, during the India vs Pakistan match the traffic to their website was up by 85%. At the same time, new car dealers witnessed a sharp fall in enquiries. The Indian auto industry has seen a massive slowdown in the selling of new cars. Passenger vehicle sales in India have been on a <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">downtrend for seven months and June 2019</a> won’t be any different. Consumer sentiment has suffered due to cost increase amid strict safety regulations, delay in monsoon, rural stress, slowing economy and liquidity constraints. However, that hasn't interrupted the sale of used cars. While new car sales have been shrunk eight months in a row, Chopra said that Cars24 sales have grown at the rate of 5% month-on-month. Building a seller first model Chopra and his co-founder Mehul Agrawal were the founders of Fabfurnish – an online marketplace for furniture, which also saw interest from Future Group chairman Kishor Biyani but the deal failed to materialise. However, with that venture, they realised one thing – their next business had to focus on the sellers. “We have so many businesses in India that is solving problems for the consumer. Everyone always thinks demand first, we rarely think about the supply side of the problem. India actually has interesting supply side problems where a seller doesn’t know where to go to sell his/her car,” said Chopra. From their very first location in 2015 next to a petrol pump in Gurugram where they saw sellers come all the way from Noida, today Cars24 is spreading its business across cities and states in India. And now is ready to see some profit. See Also: <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">Car makers in India may have more bad news to share on Monday</a>

EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones

A 1922 <keyword id="86015" type="General" weightage="100" keywordseo="daimler" source="Orion">Daimler</keyword> car fitted with wooden cabinets, and a 1935 two-door Bentley in a jet black finish, both originally made for royal families in India and a 1923-era fire truck manufactured in the US were among the head-turners at a grand vintage car show in Vadodara that ended on Sunday. While a 1934 Packard 1107 <keyword id="16004923" type="General" weightage="80" keywordseo="coupe-roadster" source="Orion">Coupe Roadster</keyword> won the 'Best of Show' award, a graceful 1949 Rolls Royce <keyword id="16006224" type="General" weightage="80" keywordseo="silver-wraith" source="Orion">Silver Wraith</keyword> Drophead Coupe, bearing 'Mysore' plates, finished second, while the third position was bagged by the 1936 Nash Ambassador Series 1290 Sedan, the organisers said. The post-war Rolls Royce Silver Wraith, bearing its royal insignia, drew a lot of eyeballs during the event. The tenth edition of the '21 Gun Salute Concours d'Elegance', hosted at the celebrated Lukshmi Vilas Palace, commenced on January 6 in Vadodara and concluded on January 8. Visitors thronged the 19th-century Lukshmi Vilas Palace on the last day of the grand event organised by the trust in collaboration with the Ministry of Tourism and supported by Gujarat Tourism. The 1934 Packard 1107 Coupe Roadster that won the 'Best of Show' award car is owned by industrialist and car collector Gautam <keyword id="1114" type="General" weightage="80" keywordseo="singhania" source="Orion">Singhania</keyword>, they said. Singhania, the chairman and managing director of Raymond group, also owns the 1923-era fire truck that was put on display. The 1949 Rolls-Royce Silver Wraith is owned by Yohan Poonawalla while the Nash Ambassador Series 1290 Sedan belongs to Delhi-based Diljeet Titus. On Saturday and Sunday, a large number of visitors drawn from Vadodara and other parts of Gujarat and foreign tourists witnessed the automobile extravaganza. The restored 1922 Daimler, originally made for the then Maharaja of Mysore, left visitors surprised with a sense of awe and wonder, as did the 1948 Bentley Mark VI Drophead Coupe (labelled 'Baroda 2') that was originally made for a Maharani of Baroda. Madhya Pradesh-based Yash Pathak, the current owner of the 1922 beauty, says he bought the car a couple of years ago from a person in Delhi. "It was built for the Mysore Maharaja and one can see the royal insignia mounted on the engine front. It also has a wooden bar cabinet, a metallic peacock sitting atop the bonnet, and it has a wooden body over which metal was added," he told PTI. Another car that attracted a lot of visitors over the three days is a black beauty of the 1930-era, owned by UK-based Dhanraj Gidwaney, a passionate vintage car collector. The black two-door Bentley Vanden Plas originally belonged to the Indore State as displayed on the number plate, and then sold to an owner of an Indian luxury hotel chain, from whom "I acquired it in 2018 and got it restored," Gidwaney told PTI on Saturday The car has been "restored to original glory", he said, as he waited for the jury members to assess his machine. Vintage car collector Poonawala, besides displaying the 1949 Rolls Royce Silver Wraith, also showcased a 1933 sports saloon -- Rolls Royce Phantom II Continental, bearing the number 'AGO 1', as photographers sought to capture this beauty also in their cameras. But, it wasn't just regular vintage cars that drew crowds, the 1923 red vintage fire truck, displayed by Singhania also was a show stealer in Vadodara. Singhania also took to social media on Saturday to share his feelings about the show, and wrote on Twitter that "it was amazing to experience India's rich automotive cultural heritage". The fire truck was made by the firm American LaFrance Fire Engine Co. Ltd, and Singhania's staff also revved up its engine, as the sight and sound of this rare beauty delighted people. Sebestian <keyword id="16006225" type="General" weightage="80" keywordseo="buchel" source="Orion">Buchel</keyword>, a jury member at the event, when asked what factors are considered while judging an entry, said, originality, matching numbers and history are important factors. "Engine, body, chassis, and paint job, among other factors, are also important. But, most importantly it has to be as original as possible," Buchel told PTI. More than 200 dazzling vintage beauties and classic Indian marquees, 120 vintage bikes and Maharaja cars were part of the display. Other cars which were on display included a 1911 Napier, a 1930 Cadillac, a 1930 Chevrolet Depot Hack, a 1935 Ford Special, a 1938 Armstrong Siddeley, a 1947 Buick Roadmaster Convertible, a 1947 Daimler DB18, a 1948 Humber, a 1948 Buick Super, a 1936 Dodge D2 a Convertible Sedan, a 1942 jeep ford GPW, a 1936 Bentley 3.5 and a 1937 Bentley 4.24, the organisers said. "The oldest automobile on display was the 1886 Benz Patent Motorwagen -- the first car invented by Karl Benz -- pioneering founder of Mercedes-Benz," a spokesperson of the organisers said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-reliance-jio-and-vodafone-idea-q3-earnings-preview-tariff-hikes-a-key-trigger/articleshow/96796094.cms">Churn and fewer 4G subscribers to slow down telecom revenue growth in Q3</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a>

Cars from the royal-era: 1922 Daimler, 2-door Bentley make heads turn at Vadodara vintage car show

<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>

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