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<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

<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><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>Cricketer Mahendra Singh Dhoni has invested in <keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword>, in its series D round of funding.</li><li>Cars24, which had recently opened up to franchising, aims to have over 300 outlets in India in the next two years. </li><li>It had also received an NBFC licence from the RBI to offer loans for the purchase of used cars. </li></ul>Indian cricketer <keyword id="6354832" type="UNKNOWN" weightage="20" keywordseo="ms-dhoni">MS Dhoni</keyword> has Ferrari 599 GTO, Hummer H2, the GMC Sierra cars in his stable. His most recent purchase was the Jeep Grand Cherokee Trackhawk SUV model that is estimated to cost over ₹87 lakhs in India. 
 
 
 
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 However, the former Indian captain is now making to make some money out of used cars by investing an undisclosed amount into car marketplace Cars24 and will now also be the startup’s brand ambassador. The investment is a part of the startup’s series D round of funding. “Besides being a fan of all things to do with cars, I am also a fan of new age companies that are disruptive, innovative and shaping the future. CARS24 is definitely one of these companies,” Dhoni said in a statement. Cars24, which was founded in 2015, has grown rapidly over the years and hoped to breakeven by December 2019. Cars24 sells over 13,000 cars every month through its platform and over 4 years has sold 1.6 lakh cars. The startup also recently opened up the doors for franchising, which will help it set-up 300 outlets in tier-2, tier-3 and tier-4 cities over the next two years. It also has the RBI approval to offer loans for the purchase of used 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,” co-founder and CEO Vikram Chopra had told Business Insider in an earlier interview. Dhoni’s money and brand will go a long way in supporting the dream.

MS Dhoni who splurges on fancy cars is now looking to make money from used cars

<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

<ul><li>Dhoni recently invested an undisclosed in <keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword>, a used car marketplace. </li><li>Earlier this year he had also invested in sports tech startup Run Adams. </li><li>He is also a brand ambassador of India’s first gaming unicorn <keyword id="6214644" type="UNKNOWN" weightage="20" keywordseo="Dream11">Dream11</keyword>.</li></ul>Indian cricketer Mahendra Singh Dhoni is hitting the ball out of the park off the field too! He has been actively building an investment portfolio and interestingly, the former skipper seems to have taken a liking for Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword>. Here’s a look at the businesses where Dhoni has invested in or is a brand ambassador <div type="Slideshow" msid="70685410" hostid="261" title="MS Dhoni seems to be the favourite celeb for Indian startups" firstImageMsid="70685411" slideCount="5"></div>

MS Dhoni seems to be the favourite celeb for Indian startups

<ul><li>The Series C round was led by investors like <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword>, <keyword id="3869410" type="PERSON" weightage="20" keywordseo="hillhouse">Hillhouse</keyword>, Capital G, Axis Bank etc. </li><li>The new round of funding takes CarDekho valuation to $500 million. </li><li>The company will focus on expanding its used car business.</li></ul>The slew of funding for Indian startups continues in 2019 with Jaipur-based CarDekho raising $110 million from marquee investors like Sequoia India, Hillhouse, CapitalG (the growth investment arm of Alphabet) and Axis Bank. The new round of funding takes CarDekho valuation to $500 million. With funds in the bank now, <keyword id="30126" type="PERSON" weightage="20" keywordseo="Amit-Jain">Amit Jain</keyword>, CEO and co-founder, said in a <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cardekho-raises-110-million-to-expand-used-car-business/articleshow/67365016.cms">press statement </a>that they will be using the funds to expand their used car business and infuse money into their insurance and finance verticals. “These segments have huge potential to scale up and we are completely focused on getting them to a massive scale,” he said. 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. It claims to work directly with <a href="https://www.livemint.com/Companies/Py7r9DrZKgqleEshHohkAN/CarDekho-raises-110-million-in-Series-C-from-Axis-Bank-inv.html">8 automakers in India </a>along with 5,000 dealer partnerships across the country. It was<a href="https://techcircle.vccircle.com/2018/10/09/cardekho-parent-girnar-software-s-fy18-revenue-jumps-40-loss-nearly-halves"> reported in October 2018</a>, that the GirnarSoft Pvt Ltd owned auto e-commerce portal had earlier recorded a 40 percent growth in revenue for the financial year closing on March 2018, while also reducing losses. 2018 looked like a busy year of investments for the company with GirnarSoft raising $3.6 million in debt funding from Trifecta and CarDekho scooping up $2.5 million in a Series B round led by Sequoia Capital. Used car business in India The used car market in India has seen strong growth over the years. A report published by Mordor Intelligence states that the Indian used car market is slated to reach a market size of $75 billion by 2023, while also recording a CAGR of 15.2% India has seen a surge in the number of startups operating in the area with the likes of CarDekho, Droom, CarWaale, Cars24 etc., many of which have raised funding in 2018, reflecting an increased interest from investors. Interestingly, Cardekho’s investor Sequoia Capital also backed Cars24 in July 2018, when the latter raised $49.7 million. Meanwhile, Sandeep Aggarwal-led Droom raised a <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/droom-raises-30-million-funding-to-buy-back-esops-worth-rs-50-crore/articleshow/66067615.cms">series E round of funding </a>of $30 million led by the Japanese family office of Joe Hirao. See also: <a href="https://www.businessinsider.in/online-marketplace-olx-plans-to-open-150-offline-stores-for-buying-and-selling-of-used-cars-across-india/articleshow/66830026.cms">Online marketplace OLX plans to open 150 ‘offline’ stores for buying and selling of used cars across India</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a> <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a>

In India, used car businesses see renewed interest from investors with CarDekho raising $110 million

New Delhi, Apr 14 () Online used car marketplace CARS24 on Tuesday said it has introduced a voluntary pay cut for employees that will be invested as ESOPs of the company.The company, whose founders have decided to forego their salaries for the next six months amid the COVID-19 crisis, said the employees will get ESOPs worth two times the amount they invest.These 2X ESOPs will be allotted right away, CARS24 said in a statement."...all the four co-founders of the company will forgo 100 per cent salary due to the ongoing COVID 19 crisis for the next six months. The underlying idea behind the decision was to keep the financial wheel running and ensure that the salaries of their employees are released on time," it added.A CARS24's spokesperson said the company will keep evaluating the situation continuously and take all the essential measures while keeping the interest of employees in mind."We are optimistic and believe that we will emerge stronger once the situation is better," the spokesperson added.The nationwide lockdown, which has now been extended to May 3, has disrupted businesses, especially startups. Many startups are facing financial stress given the paucity of business, and some of them are resorting to measures like salary cuts and even layoffs to weather the ongoing turbulence.Recently, self-drive mobility platform Zoomcar had said it has decided to defer salaries of senior leaders and CEO Greg Moran as part of its efforts to tide over the "difficult time" on account of the coronavirus crisis. SR BALBAL

COVID-19: CARS24 offers employees ESOPs in lieu of voluntary pay cut

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Rimac</div></div></div>Tesla has made a name for itself as an electric carmaker that doesn't compromise on speed.The Model S with a 100 kWh battery can accelerate to 60 mph in just 2.4 seconds - faster than the LaFerrari and the Porsche 918 Spyder.But Tesla isn't the only one trying to push speed boundries with its electric vehicles. Several startups are also looking to put their names on the map by building absurdly fast supercars. And it's not just startups - even big names like Mercedes-Benz are showing off electric cars built for speed.We're talking crazy-quick 0-60 mph times here and top speeds - the dynamic duo by which all high-performance cars are judged.Scroll down for the 5 fastest ones we could find:

These 5 crazy-fast electric cars are giving supercars a run for their money

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

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul><li>A former Apple executive who worked on the iPod and Dropcam has a new startup making a super-smart dashboard camera.&#xa0;</li><li>The company and camera are called Owl, and the camera comes with a built-in LTE connection so it can alert you to fender benders and break-ins even when you're not in your car or it's not turned on.</li><li>The company has raised $18 million in venture funding from firms including defy.vc,&#xa0;Khosla Ventures, and&#xa0;Menlo Ventures.</li></ul>People in Silicon Valley often spend a lot of time driving. It's just what you have to do if you work in tech at a big company.&#xa0;Perhaps that's why one of the most interesting new car gadgets is coming from a Palo Alto startup led by former Apple and Microsoft engineers.Owl is a new kind of car camera that combines both a dashcam and a camera pointed into the interior of the car. But unlike cheap dashcams, Owl has a cellular LTE connection and can store 24 hours of video - it's a real computer, which allows it to provide a much slicker user interface than saving recorded video on a removable SD card, which is how most dashcams store video.It's the first product out of Owl, a startup co-founded by CEO Andy Hodge, who worked on the iPod at Apple back in the Steve Jobs era. More recently, he spent some time at Microsoft and then Dropcam, the camera startup that was bought by Google. It was at Dropcam where he realized how important video cameras are, and his experience there are why he decided to start Owl, he told Business Insider in an interview.&#xa0;The Owl camera is a security camera for your car, but it also can be used to share fun clips to social media, Hodge said, including "Carpool Karaoke"-style moments happening inside the vehicle.<a href="https://owlcam.com/">The Owl is currently on sale for $349</a>, which includes a year of LTE service, which will eventually cost $10 per month.&#xa0;Here's how it works:&#xa0;</hr>

A former Apple engineer who worked on the first iPhone is making a super-smart camera for your car - here's how it works

<ul class="summary-list"><li>NGP Capital's managing partner Paul Asel says that the smart mobility industry has taken an especially harsh hit from the coronavirus, causing startup revenues to drop anywhere between 50% to 100%.</li><li>As venture capitalists begin to <a href="https://www.businessinsider.com/venture-capital-new-normal-money-wait-coronavirus-2020-3">pull back</a> on new funding rounds, NGP Capital has already begun increasing its reserves in preparation for funding its portfolio companies that may <a href="https://www.businessinsider.com/financial-crisis-vc-investors-perform-portfolio-triage-2020-3">struggle to survive</a> in a world where they are generating zero revenue. </li><li>Asel, an investor in the scooter startup Lime and the car-rental platform Getaround, says that he is advising all his portfolio companies to include a 'zero-budget' scenario in their plans to survive through the next 24 months in a worst-case impact from the pandemic. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Although the coronavirus has wreaked havoc on the <a href="https://www.businessinsider.com/initial-unemployment-claims-by-state-coronavirus-2020-4">entire economy</a>, the "smart mobility" sector has also been hit with something of an existential crisis - as the country retreats indoors, scooter startups and car-rental platforms may simply have no business for the next few months, or more.Paul Asel, a partner at venture capital firm NGP Capital, has a front-row view of these effects. Not only is smart mobility one of the three investment themes of the firm's portfolio, but Asel himself is an investor in electric scooter startup Lime, and car-rental platform Getaround."We just completed a four-week review of our portfolio, and 80% of every company is being impacted by this," Ansel told Business Insider in an interview. "We've seen revenues dropped by 50 to 100 percent in the smart mobility space."Asel is telling his portfolio companies to make sure they have the money in reserve to be able to operate for the next two years, either by fundraising or by finding ways to stretch their funds to extend the runway before their cash runs out.That's a tough situation for startups that have no idea how long the coronavirus will continue to circulate around the country and place their businesses in limbo. Lime, which has shut down its scooter-rental operations in all but one market, has already called for an emergency funding round, according to a <a href="https://www.theinformation.com/articles/limes-valuation-may-fall-80-in-emergency-fundraising">report from the Information</a>. Meanwhile, Getaround has been looking around for buyers, <a href="https://www.bloomberg.com/news/articles/2020-03-20/softbank-backed-getaround-looks-for-buyer-as-demand-evaporates">Bloomberg reported</a>.As venture capitalists have <a href="https://www.businessinsider.com/venture-capital-new-normal-money-wait-coronavirus-2020-3">tightened their purse-strings</a>, it has become all the more important for startups to secure enough cash to remain solvent for the foreseeable future. In fact, NGP Capital has already begun increasing its near-term reserves to fund its current portfolio companies in the event that any had less than nine-months of existing runway and was burning through its reserves. "For companies that have overextended themselves with burn, it's just really hard to back [up], and get to reasonable levels," he said. "We are increasing our near-term reserves, thinking that internal funding is going to tend to prevail over external funding.''<h2>Planning for a 'zero-budget' future</h2>To survive in an environment that is rife with uncertainty, Asel is suggesting that startups do a series of scenario analyses to ensure they can operate more flexibly. And he's insisting that startup CEOs include a plan for a "zero-budget" situation in those analyses - that means no new funding and no new revenue to keep them afloat. "Assume that this [virus] is not a three-month thing, but assume that this is going to go through the entire year and, and so do a series of scenario analyses," Ansel said. "One of those scenarios needs to be a zero based budget... How do you get to a 24 months runway and how do you operate under that environment?" It is a way of forcing startups to think through the worst-case scenario, Asel said. A self-described "paranoid optimist," Asel is a strong believer in planning for the worst, even as he hopes that the best-case scenario will play out. Some startups are well-positioned to be lean and mean for the next few months, according to Asel. If they can, they might not just survive, but also thrive in a post-COVID world with less competition and a less capital-intensive market. "If they've got a moderate amount of burn and, and nine months or more runway, they're able to course correct, reduce costs and extend to 18 to 24 months," he said. "We believe, if they played through the current downturn, they would be better positioned in the long term."

'Zero budget': A VC who bet on smart mobility startups like Lime and Getaround says the lockdown is destroying revenue and he's telling startups to prepare for the worst.

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