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<ul><li>The <keyword id="15608258" type="General" weightage="20" keywordseo="Pre-owned-cars-market" source="Orion">pre-owned cars market</keyword> is expected to grow at a CAGR of 16% from FY ’22 – FY‘27.</li><li>The market is further expected to double in size from 4.1 million units in FY22 to 8.2 million units in FY27, according to the <keyword id="7065050" type="General" weightage="100" keywordseo="olx-auto" source="Orion">Olx Auto</keyword> and CRISIL report.</li><li>It is also said to have achieved pre-pandemic levels in terms of volume and have grown by 9% since then.</li></ul>The market for <keyword id="609081" type="General" weightage="20" keywordseo="Pre-owned-cars" source="Orion">pre-owned cars</keyword> is expected to outpace the market for new cars in the next five years. In fact, it is predicted to grow 2x in volume and 2.5x in value in the upcoming next five years, as per a report by Olx Auto and CRISIL. The pre-owned cars market is expected to grow at a Compound annual growth rate (CAGR) of 16% from FY ’22 – FY‘27 while the new car market will grow at a CAGR of 10%, the report highlights. “This year, emerging from the impact of Covid-19, the pre-owned car market is poised for further acceleration in the coming years. There is a clear preference for pre-owned cars among consumers in larger towns, fuelled by an accelerated shift to digital channels - that offer higher convenience and build consumer trust,” said Amit Kumar, CEO, OLX India. The report further suggests that the pre-owned car market is expected to double in size from 4.1 million units in FY22 to 8.2 million units in FY27, increasing its lead by 1.7x over the new car market. According to the report, the market also achieved pre-pandemic levels in terms of volume and has grown by 9% since then. Return to near-normalcy, improved consumer sentiment, increase in mobility, opening of offices and a resurgence in travel are some of the major reasons behind this massive growth in the pre-owned car segment in India, according to the report. It is clear that overall demand for cars in India is growing as the market for new cars is also expected to grow and reach 4.8-5 million cars by FY27. “In fact, the new car market will record high sales in FY23 backed by improvement in production levels, product launches coupled with continued traction for the UV segment,” the report said. Urban markets drive the bulk of the demand for cars in India. “With 37% of the Indian population living in urban areas by 2025, we will see a sharp rise in disposable incomes and affordability for discretionary spending on personal mobility,” Kumar further added. <cmsannotation type="cmsannotation" annotationid="Maruti’s small cars dominate the pre-owned car market" comment="subhead" text="Maruti’s small cars dominate the pre-owned car market"><keyword id="6912" type="General" weightage="80" keywordseo="maruti" source="Orion">Maruti</keyword>’s small cars dominate the pre-owned car market</cmsannotation> According to the report, the demand for small cars is much more than big cars and Maruti maintains its dominance in the segment. However, the share of small cars in the total demand for pre-owned cars is expected to contract by 2% by FY27. Maruti Baleno, Hyundai Elite i20, Renault KWID, Maruti Suzuki Dzire and Hyundai Grand i10 are some of the cars popular among people in this segment. The large car or sedan pre-owned segment will see the most contraction, declining from 12% share in FY22 to 7% in FY27. This is expected to happen due to declining sales in the new car market, lack of new model launches and a shift in preference towards UVs, as per the report. In the pre-owned segment, the UV car segment is expected to grow by 3x over the next five years, reaching a market share of 32% in the pre-owned car market. Hyundai CRETA, Maruti Brezza, Maruti Ertiga and Mahindra XUV500 are some of the popular UV cars in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/this-show-claims-to-do-what-shark-tank-does-sans-the-drama/articleshow/95741475.cms">This show claims to do what Shark Tank does sans the drama</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-well-placed-to-grow-at-a-moderately-brisk-rate-inflation-to-ease-says-a-finance-ministry-report/articleshow/95741327.cms">India well placed to grow at a 'moderately brisk rate', inflation to ease says a Finance Ministry report</a>

Pre-owned cars market in India to grow 2x in volume in the next five years: Olx Auto - CRISIL report

<ul><li>Scorpio, <keyword id="6393092" type="General" weightage="100" keywordseo="fortuner" source="Orion">Fortuner</keyword> and other SUVs are among the most popular second-hand cars being bought by Indians, says <keyword id="6360657" type="General" weightage="80" keywordseo="olx" source="Orion">OLX</keyword> Group India CEO.</li><li>However, the demand for small cars like Swift, i10, WagonR continues to be robust.</li><li>The market for pre-owned cars is growing faster (15%) than the new car market (10%).</li></ul>Indian customers are showing a greater preference for purchasing pre-owned cars as rising input costs and inflationary pressures make buying a new car an expensive proposition. Scorpio, Fortuner and other SUVs are among the most popular choices of Indians, as the demand for these pre-owned cars shot up by more than 150% in 2021 from 2019 levels, <keyword id="51561" type="General" weightage="50" keywordseo="amit-kumar" source="Orion">Amit Kumar</keyword>, CEO at OLX Group India, told Business Insider India in an interview. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Demand growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">168% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortuner </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">166% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other SUVs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">152% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Small cars like Swift, i10 and WagonR continued to dominate the sale of pre-owned cars – with their share rising to 45-55% of the total pie in 2021 from 40-50% in 2019. In the western region, hatchbacks constituted as much as 60% of the total sales in 2021, he said. Demand improvement was more pronounced in the south followed by the west, while it was relatively lower in the east even post lockdown, Kumar said. Interestingly, the concept of buying used cars is now gaining momentum in tier 2 and 3 cities as well. “The Covid-19 pandemic has led to an increase in demand for used cars and so we saw a price increase as well for these used cars,” Kumar further added. The market for pre-owned cars is growing faster (15%) than the new car market (10%) in terms of CAGR. The used-car market is poised to be 1.5 times larger than the new car market by FY26, according to a study by <keyword id="10367965" type="General" weightage="80" keywordseo="olx-autos" source="Orion">OLX Autos</keyword> and CRISIL. A report by Car24 also highlighted that millennials and GenZs were the biggest buyers of used cars, registering a growth of 71% and 57% respectively in 2022 compared to a year earlier. <cmsannotation type="cmsannotation" annotationid="Pre-owned luxury cars see demand in tier 2, 3 cities" comment="subhead" text="Pre-owned luxury cars see demand in tier 2, 3 cities">Pre-owned luxury cars see demand in tier 2, 3 cities</cmsannotation> “We saw an astounding growth in demand for luxury cars in tier 2 cities, as compared to tier 1 cities. The growth in demand in tier 2 cities was 45% in 2021, whereas it was 40% in tier 1 cities,” Kumar said. He further explained that this was mainly because the luxury car market in tier 2 cities benefited from a low base as compared with tier 1 cities. The company also published a report on pre-owned luxury cars after analyzing over 50,000 luxury car listings made on the platform in the January to June period. In the report, OLX Autos noted that the <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">demand for pre-owned luxury cars</a> witnessed a sharp increase in the first half of 2022, with BMW being the top favourite, followed by Mercedes Benz, Audi, Jaguar and Porsche. OLX is not alone in benefitting from this trend. Its competitor<a href="https://www.businessinsider.in/business/auto/news/hyundai-elite-i20-grand-i10-and-maruti-suzuki-baleno-are-the-most-popular-second-hand-cars/slidelist/92854152.cms"> Spinny</a> also witnessed high demand for Mercedes C class, BMW 3 series and Audi Q3 on its newly launched luxury car portal in the second quarter of 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/in-the-wfh-era-soft-skills-like-public-speaking-and-persuasion-are-not-so-essential-after-all/articleshow/93608485.cms">In the WFH era, soft skills like public speaking and persuasion are not so essential after all</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/sports-goods-furniture-and-shoes-lead-indias-retail-growth-this-festival-season-rai/articleshow/93614115.cms">Sports goods, furniture and shoes lead India’s retail growth this festive season: RAI</a>

Indians are buying more pre-owned cars: Scorpio, Fortuner among the top picks

<ul><li>The pandemic and lockdown period has brought many new learnings for all businesses, and e-commerce has undoubtedly been one of the sectors with the biggest takeaways.</li><li>As we enter a new year, we reached out to e-commerce platforms to understand what role it would play in 2022.</li></ul>The e-commerce segment has been witnessing a good growth over the last few years and has been showing no signs of slowing down in India. And why would it? Hasn’t shopping become so much easier now? We can buy anything, from groceries and perfumes to expensive jewellery, from the comfort of our homes. The pandemic further brought fundamental and long-term changes in the way people shop and make their purchase decisions. It has accelerated the industry’s growth in the country as historically offline shoppers also downloaded ecommerce apps onto their phones to shop from within the safety of their four walls. The past year and a half has brought millions of new e-commerce users, including from smaller cities and towns who now are comfortable with buying online. The industry has witnessed an uptick of 77% between 2020 and 2021 and Tier II, III cities are transacting more than ever, said a recent report by Bobble AI. This trend has pushed e-commerce platforms to embrace a wide range of regional brands and local sellers, which offer a compelling value proposition to consumers. With increasing internet penetration, e-commerce players are expecting new growth from Tier II, III and beyond, which will cumulatively contribute to $150 billion of e-commerce as per RedSeer Consulting’s report. The Indian market is expected to surpass the US to become the second-largest e-commerce market in the world by 2034, revealed another <a href="https://www.ibef.org/industry/ecommerce-presentation">report</a>. It is poised to reach US$99 billion by 2024 from US$30 billion in 2019, expanding at a 27% CAGR, with grocery and fashion becoming the key drivers of this incremental growth. As we enter a new year and e-commerce further expands its presence deeper into the country, we speak to a few e-commerce platforms to discuss what lies ahead, where would the second phase of growth come from and trends that would dominate the industry. Here’s what they had to say: <keyword id="1922572" type="General" weightage="20" keywordseo="manish-taneja" source="Orion">Manish Taneja</keyword>, Founder and CEO <keyword id="1688931" type="General" weightage="20" keywordseo="purplle-com" source="Orion">Purplle.com</keyword>: The year has witnessed major growth in the beauty ecommerce industry, ushering in the next year with great potential. In 2022, the emergence of virtual reality tools will fuel the industry. Offering virtual beauty experiences that seamlessly merge with an omni-channel approach will be the norm. Over the next year, we at Purplle will invest heavily in technology and data science advancements to further personalize customer experience. Natural, transparent beauty products, effortless shopping with shorter delivery times, data-based product development, and value-driven experiences, are some of the other trends that will emerge in 2022. Bharati Balakrishnan- Country Head and Director, Shopify India: The Indian ecommerce market will continue to evolve in 2022, with D2C brands taking centrestage, driven by growing consumer demand and local brands increasingly making ecommerce a priority. On the one hand, the new shopping habits formed over the past 18 months will become an important factor: consumers have embraced online shopping and are actively choosing small, independent brands. This means that D2C brands are here to stay, and we anticipate the emergence of a new generation of proudly Indian brands across food, fashion and lifestyle. Simultaneously, traditional brands and retailers who dominate offline are evolving to meet the demands of the new consumer - they are building to provide a consistent experience to their consumers across online and offline, and would like to use their own online stores to truly extend their brand promise to existing and new customers. It’s an exciting time to be a consumer brand in India Amit, CEO, <keyword id="9798181" type="General" weightage="20" keywordseo="olx-autos-india" source="Orion">OLX Autos India</keyword>: Rise of the prosumer: The many faces of personalisation With the majority of buyers now clearly preferring online shopping over the traditional format of in-store purchasing, the new trend is inclined towards the forward-thinking, influential and proactive prosumer. Personalisation of the products according to customers preference will be key in 2022. E-commerce marketers will need to integrate personalizing products through advanced technologies in order to provide tailor made and seamless customer experiences. In a cookie-less world, contextual marketing has reared its head in a big way. Targeting consumers has come of age - from category, to keyword, to semantic contextual targeting, now. Many more trends like crypto payments, and dynamic pricing will grow for pure-play retailers. But it is personalization for the prosumer that will chart the way forward. <keyword id="2227756" type="General" weightage="20" keywordseo="prabhkiran-singh" source="Orion">Prabhkiran Singh</keyword>, Founder CEO, Bewakoof: Live video commerce, Virtual trial rooms (or AR/VR driven fit assists), customized lifestyle products and 3D animated UX interactions are the key trends we expect to disrupt shopping experience in the coming year. Video or content commerce would be largely driven by influencer or user generated content. To drive scalability, there will be multiple SAAS companies launching solutions to simplify handshakes between brands and influencers in content acquisition, ingestion and performance driven payments space. Early movers in the space are Myntra Studio, <keyword id="8861782" type="General" weightage="20" keywordseo="trell" source="Orion">Trell</keyword> and Bewakoof Bshots. With large VC investments going into the Web 3.0 and metaverse space, a lot of the product cataloging problems around accurate sizing or fit assessment would become more trivial. We will see brands launching virtual trial rooms, 3D product shoots and fit assistants to bridge the gap between online and offline shopping experience. 3 out of 10 customers who shop on our platform would like to customize their product design and sizing. We see this as a growing trend that multiple brands will adhere to in the coming year. 3D and animated content will become a UX trend in the consumer internet industry. Animations used to be a hindrance to many designers and developers as they may slow the loading speed of websites or apps and it is data consuming. With 5G scaling up and 4G becoming a norm across the country, designers will chose to use more animations. Kashyap Vadapalli, Chief Marketing Officer &amp; Business Head, <keyword id="864887" type="General" weightage="20" keywordseo="pepperfry" source="Orion">Pepperfry</keyword>: ‘MarTech’, which essentially means amalgamation of marketing with technology, is the future of commerce where brands will run marketing in a digital and connected ecosystem to offer an immersive experience to their customers. With the advancement of technology in marketing, consumers are constantly looking for an enhanced buying experience. Thereby meaning, from 2022 onwards we will witness more technology integrated experiences like development of offline Virtual Reality shopping rooms for consumers. Since VR offers an immersive 360-degree perspective, products in virtual design, especially big-ticket items like furniture can be easily a luscious offering for customers who want an interactive experience with the product before making the decision, therefore, simplifying the buyer’s journey. Going forward, I believe, Martech will play a dominant role in the strategic priorities and investments of brands, pushing marketers to embrace digital operations and integrated customer experience. <keyword id="12792513" type="General" weightage="20" keywordseo="shubh-darpan" source="Orion">Shubh Darpan</keyword>, VP- BI &amp; Analytics, Cashify: From the trends we have seen over the past couple of years, we at Cashify believe that the demand for refurbished mobiles is here to stay. It started with the pandemic and subsequent lockdowns when having a mobile became a necessity. Refurbished devices such as smartphones, laptops, tablets, etc. were seen to be preferred by the Indian consumer. Mainly because of the economic aspect of it, the refurbished market has seen an upward motion in India. Moreover, with the shortage of chipsets, there have been fewer smartphone launches in recent times. This too has been a factor in pushing consumers towards refurbished mobiles. Refurbished smartphones offer an optimal and sustainable solution to today's tech-dependent world and we can see it going a long way. Gitanjali Saxena, Business Head - Global Luxury, Tata CLiQ Luxury <div type="image" title="Gitanjali Saxena, Business Head - Global Luxury, Tata CLiQ Luxury" msid="88446509" hostid="261"></div> Inherently, shopping is a social experience. As people continue to spend an increasing amount of time online and on social media, online shopping, which witnessed a huge boost because of the pandemic, is now also becoming social. Social shopping, which is already booming in countries like China, has been gaining momentum in India and will be a leading trend in the coming year. Engaging and immersive formats of selling, such as live commerce, will be at the forefront. In addition, AR and VR will play a crucial role in enhancing the online shopping experience, enabling more personalization, and targeting niche customers. Some of the biggest brands in the luxury fashion and beauty industries are working closely with social media platforms like Instagram and Snapchat to leverage their capabilities of live streaming, in-app shopping, and augmented reality to offer an experience that every luxury customer desires. Snapchat has harnessed the power of technology and introduced an augmented reality lens that allows for a virtual try-on of products. Convenience, personalization, and a sense of community are some of the drivers fuelling the growth of social shopping. The advancement of technology is unlocking a slew of exciting opportunities in social shopping, including user-generated content, virtual product try-ons, direct interaction with brands and peers, and instant gratification. E-commerce platforms will reimagine their strategy to integrate social shopping elements by introducing innovative and engaging formats to bolster their reach and engagement with customers. With social shopping, e-commerce platforms can revolutionize the way people shop on their platforms by presenting a new way of shopping.

Ecommerce: The trends to watch out for in 2022

Strong acceptance of e-commerce and digitisation is expected to accelerate the growth of India's auto sector, advisory firm Grant Thornton Bharat said. Accordingly, India's automobile market is estimated to grow more than '2.3X' from $222 billion currently to $512 billion by 2026. Notably, the analysis by Allied Market Research, Market Line, <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and Grant Thornton Bharat showed that e-commerce portals focused on the automobile market, such as <keyword id="2947589" type="PERSON" weightage="20" keywordseo="Droom">Droom</keyword>, <keyword id="1945738" type="PERSON" weightage="20" keywordseo="Cardekho">Cardekho</keyword>, <keyword id="11077358" type="UNKNOWN" weightage="20" keywordseo="and-olx">and Olx</keyword> have put consumers and the user experience in the spotlight helping the manufacturers attract more users. Besides, the growing base of internet and smartphone users will further boost the digital transformation, and lead to an <keyword id="6374534" type="UNKNOWN" weightage="20" keywordseo="increase">increase</keyword> in expanding the market size of the e-commerce portals. "The strong emergence and acceptance of the online channel have provided an impetus to seamless solutions, price discovery, transparency, digital real-time payments along with certification on the quality of the vehicle for the consumers in the auto sector," said Rahul Kapur, Partner, Growth at Grant Thornton Bharat. According to the analysis report, since last year, Maruti Suzuki saw a five-fold increase in <keyword id="6357824" type="UNKNOWN" weightage="20" keywordseo="sales">sales</keyword> through digital means which now stand at 20 per cent of their total sales. "These changes in consumer's buying and research preferences signal a shift for the auto sector, as Covid19 played a big part in the online channel gaining traction." "Technology-enabled innovations like secure digital payments, hyper-logical logistics, analytics-driven customer engagement, increasing consumer awareness and digital advertisements are likely to support the growth going forward." As per the report, other factors such as rising middle class and young population with increasing disposable incomes will contribute towards growing the sector. Furthermore, ease of owning a vehicle through the availability of multiple financing options as well as reduction in vehicle ownership tenure due to regulatory rules in some states, cited the report as other growth inducing factors. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nokia-x20-specifications-nokia-new-phones-price-in-india/articleshow/81981039.cms">Six new Nokia smartphones announced – price, specifications and availability details you should know</a> <a href="https://www.businessinsider.in/business/startups/news/founders-take-note-heres-why-most-startups-fail/articleshow/81981138.cms">Founders, take note: here’s why most startups fail</a> <a href="https://www.businessinsider.in/tech/apps/news/google-phone-app-now-lets-you-record-calls-automatically-from-unknown-numbers/articleshow/81982791.cms">Google Phone app now lets you record calls automatically from unknown numbers</a> <a href="https://www.businessinsider.in/business/startups/news/adar-poonawalla-serum-institute-of-india-has-bought-stake-policybazaar/articleshow/81985425.cms">Serum Institute of India buys into IPO-bound insurance unicorn PolicyBazaar, as True North sells part stake in secondary sale</a>

E-commerce and digitisation to accelerate India's auto sector growth, says report

New Delhi, Prosus-owned OLX Group on Monday said it has appointed former <keyword id="421566" type="COMPANY" weightage="20" keywordseo="Star-Sports">Star Sports</keyword> President and CEO <keyword id="1479800" type="PERSON" weightage="20" keywordseo="Gautam-Thakar">Gautam Thakar</keyword> as <keyword id="203686" type="POSITION" weightage="20" keywordseo="global-CEO">Global CEO</keyword> of its pre-owned car marketplace <keyword id="10367965" type="UNKNOWN" weightage="20" keywordseo="Olx-Autos">OLX Autos</keyword> effective March 15 of this year. Thakar will lead a worldwide organisation with a workforce of more than 4,000 employees across Asia, Africa, Latin America, and the US. OLX Autos runs online digital trading platforms in addition to more than 500 inspection centres across the Americas, Asia and Africa, each year inspecting 300,000 vehicles and enabling 130,000 vehicle transactions. "I'm extremely pleased to welcome Gautam as Global CEO of OLX Autos," Martin Scheepbouwer, CEO, OLX Group, said in a statement. "He brings a unique set of capabilities to this exciting opportunity including an exceptional general management track record, strong customer orientation, deep marketplace experience, and a rich experience leading and inspiring teams on a global footprint." Most recently, Thakar was CEO of Star Sports in India which was acquired by the Walt Disney Company. Prior to that Thakar was in the US for over a decade and brings leadership experience in digital marketplaces as former global CEO of Shopping.com and LivingSocial acquired by <keyword id="384914" type="COMPANY" weightage="20" keywordseo="Groupon">Groupon</keyword>. Thakar was a part of the founding <keyword id="404408" type="ORGANIZATION" weightage="20" keywordseo="management-team">management team</keyword> of baazee.com which pioneered e-commerce in India before being acquired by eBay in 2005. "I am delighted with the opportunity and responsibility to lead the impressive global OLX Autos team. I've long watched the bold and ambitious approach taken by <keyword id="6356837" type="COMPANY" weightage="20" keywordseo="naspers">Naspers</keyword> and Prosus as they've built great companies in so many exciting markets, including India," Thakar said on his appointment. "OLX Group's commitment to this business is unparalleled and I am inspired to join the team to build the world's most trusted platform for buying and selling cars." He will remain based in India in his new global role. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/discounts-have-dropped-lower-on-the-customer-priority-list-say-indian-online-retailers/articleshow/81145830.cms">Discounts have dropped lower on the customer’s priority list, say Indian e-tailers</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-railtel-ipo-share-allotment-status-online/articleshow/81145120.cms">Indian Railways owned RailTel’s IPO: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/politics/india/news/puducherry-government-falls-as-chief-minister-v-narayanasamy-loses-trust-vote-in-assembly/articleshow/81148119.cms">Puducherry government falls as Chief Minister V Narayanasamy loses trust vote in Assembly</a> <a href="https://www.businessinsider.in/careers/news/deutsche-bank-plans-to-hire-1000-freshers-in-india-as-it-looks-to-build-core-technologies-in-house/articleshow/81147886.cms">INTERVIEW: Deutsche Bank plans to hire 1,000 freshers in India as it looks to build core technologies in-house</a> <a href="https://www.businessinsider.in/finance/banks/news/analysts-reports-showed-that-90-percent-of-unsecured-retail-loans-have-gone-to-salaried-government-employees/articleshow/81150110.cms">One in every five rupees lent by SBI to individuals, goes to government employees</a>

Star Sports President Gautam Thakar appointed Global CEO of OLX Autos

<ul><li>In our latest interview series, we speak to a few CMOs to understand how they are helping out their organisations find the right ways to connect with consumers.</li><li>Sapna Arora, CMO, <keyword id="6360657" type="COMPANY" weightage="20" keywordseo="olx">OLX</keyword> shares with us how her role has changed over the last few months and walks us through the platform's combat strategy for the horrifying second wave of COVID-19. </li></ul> As India reels through a dire second wave of the COVID-19 pandemic, brands are trying to be there for consumers, to help them through these testing times. Till the time the number of positive cases in India declines, it’s not business-as-usual for brands. The overall sentiment of the audience is also grim and brands are trying to be there for consumers in spirit with their consoling marketing campaigns or by donating a part of their CSR budgets. Omni-channel marketplace OLX has altered its marketing approach to be relevant today. It has updated its communication and messaging by focussing on community building and using its platform to amplify pleas on social media. <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Sapna Arora, CMO, OLX has found her role changing as a marketer and brand custodian. Her mantra has been to be agile, resilient, empathetic, helpful and kind. The horrifying scale of the second wave has made all playbooks on marketing redundant. Last year, CMOs in India focused on shifting their marketing monies from traditional mediums to digital platforms. Now, Arora’s role at OLX has been about helping the brand adjust to the sudden changes in the macro-environment, prepare for the uncertain tomorrow, use communication tools to help out customers and address vaccine hesitancy. Arora further shared with us how the second wave has changed OLX’s priorities, what route should marketers take to and much more. Excerpts: <cmsannotation type="cmsannotation" annotationid="Q. How has your communication changed during what is probably one of the worst calamities we've faced in recent times? What is your B2C communication all about?" text="Q. How has your communication changed during what is probably one of the worst calamities we've faced in recent times? What is your B2C communication all about?">Q. How has your communication changed during what is probably one of the worst calamities we've faced in recent times? What is your B2C communication all about?</cmsannotation> It’s true, an emergency of this magnitude, felt across all nations, and for such a prolonged time, has not been witnessed before, not in the last 100 years. Rare complications are further deepening the crisis. We are moving with caution and with empathy. Our communication has vastly changed. How we collectively arrest the progression of this disease will be the litmus test to our awareness as a society. Our endeavour is to ensure that we remain relevant to our users at all times. We have opened up our social media handles to people seeking help, allowing all users to leverage our large reach and ensure wider sharing of messages. To reach out further, we have started donation drives and have partnered with Give India to provide food to Covid-affected families. Brand messaging now shows our side of care, offering comfort, encouragement and hope, addressing vaccine hesitancy, encouraging masking, sanitising, staying home, staying safe, connecting plasma donors with recipients, warning about fraudsters, and so on. It’s no more just a transactional relationship. We have to be real and relevant and show purpose, that’s what’s expected of leading brands at this time. <cmsannotation type="cmsannotation" annotationid="Q. How has your schedule changed as a CMO during the second wave? What are some of the new tasks that you are doing? Can you draw a comparison between last year's lockdown with this year's?" text="Q. How has your schedule changed as a CMO during the second wave? What are some of the new tasks that you are doing? Can you draw a comparison between last year's lockdown with this year's?">Q. How has your schedule changed as a CMO during the second wave? What are some of the new tasks that you are doing? Can you draw a comparison between last year's lockdown with this year's?</cmsannotation> We don’t know how fast we’ll be able to bounce back from the second wave or what the next normal will be like. The buoyancy that emerged after the first wave was quickly dissipated in the second wave. We need to ensure business continuity, as well as show empathy to consumers, and also within the organisation. There’s no playbook to dip into for response planning. On the business side, among the new tasks, is to offer better content experiences to online consumers, touch more and more digital access points. We had plans that needed to be modified, and that has been the impact on my schedule. The messaging has moved to not just about updating product news, but also to show a higher degree of sensitivity and resilience. Agility, along with mission and purpose, are the reigning marketing principles now. Last year, it was all about digitising, educating people about the virus, hand hygiene, and celebrating frontline heroes. This year, it’s more about reaching out, about vaccines, medicines, oxygen supplies, and offering a helping hand. Affirmative story-telling is at heart of the new reset. Soon after the crisis is sorted, our new tasks would be to think hard about what consumers in the next normal would want. We’ll certainly have to redesign shopping journeys for our consumers, develop adaptive ecosystems, and so on, but as of now, that can wait. <cmsannotation type="cmsannotation" annotationid="Q. As a company, how are you using your advertising tools to help out people?" text="Q. As a company, how are you using your advertising tools to help out people?">Q. As a company, how are you using your advertising tools to help out people?</cmsannotation> The scale and ferocity of the second wave has altered all understood paradigms. There are heart rending stories of loss, and people are talking only about essentials, about conscious consumption. At a time when everything feels impossibly hard, there is a greater need to remain optimistic and to steer hyper-local activations. We are infusing positive content across our digital platforms. Responsible brands are expected to have a wider agenda. While social media is full of all kinds of content on the virus, reliable and trustworthy content is hard to find. We have opened up our social media handles for all Covid related queries, people can post their SOS calls, run enquiries that will help them reach wider audiences due to the vast reach of our brand, and we are helping in food supplies for affected families. We are also running campaigns on public discipline, on all our social media handles. <cmsannotation type="cmsannotation" annotationid="Q. How has your role as a marketer changed?" text="Q. How has your role as a marketer changed?">Q. How has your role as a marketer changed?</cmsannotation> With the constant change that we are all experiencing, like the shift in containment zones, virus mutations, gaps in vaccinations, and so on, our roles, tasks and priorities have also been changing. Stakeholders, consumers and employees are looking at the brand, to know what we stand for, what values we uphold. We need to be realistic in our expectations, our goals, and in our messaging. To gain trust, we need to listen to our communities, employees and customers. We are looking beyond the traditional spaces of marketing, such as advertising and market-driven campaigns, to be relevant to people. We have tweaked our social media content around Covid-related information, encouraging people to vaccinate and to remain masked. <cmsannotation type="cmsannotation" annotationid="Q. What is your goal for this quarter? How have your goals changed due to the second wave?" text="Q. What is your goal for this quarter? How have your goals changed due to the second wave?">Q. What is your goal for this quarter? How have your goals changed due to the second wave?</cmsannotation> We have recalibrated our goals, from being number centric to being centred around how our resources can help communities. The goal presently is revolving around building strong connections with our consumers, fostering emotional togetherness while remaining socially distanced, to suppress virus spread. As a brand, we have come forward, using technology to build cohesive customer experiences. We recognize the human tragedy, and also the need to keep business running. As we understand now, the situation will rise and flare up at different times in different market segments. We will be mindful enough to act accordingly, and will continue to rejig our messaging, to show resilience and empathy. One can’t think in silos, or take an absolute stance amid such volatility. <cmsannotation type="cmsannotation" annotationid="Q. As a leader, how are you trying to be there for your employees?" text="Q. As a leader, how are you trying to be there for your employees?">Q. As a leader, how are you trying to be there for your employees?</cmsannotation> At this time, CMOs need to help their organisations adjust to the new realities. We have moved swiftly to expand our digital operations. The pandemic has deeply impacted the way businesses work. We have to show resilience, adaptability and help each person in the organisation to deal with the change. It’s a volatile situation, people are anxious, jobs need to be saved. We have adopted a people-first approach. Our teams have prioritised physical and emotional well-being of all. <cmsannotation type="cmsannotation" annotationid="Q. No communication or relevant/empathetic communication? Which route should a brand take during difficult times like these?" text="Q. No communication or relevant/empathetic communication? Which route should a brand take during difficult times like these?">Q. No communication or relevant/empathetic communication? Which route should a brand take during difficult times like these?</cmsannotation> In times of crisis, governments, as well as employees and consumers look up to their brands for answers. We have to cut the clutter, come on the front foot, move in the direction of the prevailing collective sentiment. By showing compassion, offering hope and understanding, and delivering relevant and trustworthy messages, brands show purpose, and better connectivity with their consumers. When a brand has reach and voice that can impact lives, the expected course of action is to come forward and help. At OLX, we are mindful of our responsibilities, and are addressing community pain points. Purpose establishes a brand’s culture and strong ethics. It has always been part of top brand cultures of the world. Now it’s playing a central role. <cmsannotation type="cmsannotation" annotationid="Q. What are your areas of focus for now?" text="Q. What are your areas of focus for now?">Q. What are your areas of focus for now?</cmsannotation> Till the time the Covid positivity rate declines, it’s not business-as-usual. We cannot afford to drop the ball. We are updating our messaging, focussing on community building; care is central to the underlying thrust right now. Our messages are helpful and uplifting. Holding each other’s hand, we have to steer a route for recovery.

Affirmative storytelling is at heart of the new reset: Sapna Arora of OLX

<ul><li>In our latest series, we talk to brands about how they have been marketing during these adverse times, the things they have learnt and how they are preparing for the somewhat uncertain future.</li><li>Sapna Arora, Chief Marketing Officer, OLX India shares with us her learnings of the lockdown period, the brand’s strategy to adapt to the constantly changing environment and action plan for <keyword id="9359618" type="UNKNOWN" weightage="20" keywordseo="unlock-2-0">unlock 2.0</keyword>. </li></ul>India is slowly getting back on its feet. However, brands can never revert to their old versions again. The lockdown period has taught our marketers too many lessons that can’t be unlearned. During this adverse period, the focus shifted from growing to survival, which made Indian brands grow conscious of where they spent their marketing bucks and pushed to relook and reinvent existing business models. OLX India’s Chief Marketing Officer, Sapna Arora told us how this period taught her the importance of using your own moral compass while communicating with your target audience. Even though the times were grave, the e-commerce brand used a little humour to laugh with its customers. Arora also walked us through OLX’s combat strategy which was in tandem with the government’s four lockdown phases and shared how it found a stable corner in a fluid environment. The transition started by taking a step back, observing the consumers for a while even if it meant being silent for that period -- to figure out the correct tone. It decided to opt for a reassuring, empathetic and humorous tone to walk along with its consumers. The second wave of communication was to spread a tad of positivity by reminding consumers they can make the most of their time even inside four walls. OLX’s Third and fourth phase of marketing was all about lending a hand in adjusting to the new normal, redefining the meaning of home and moving to a stage of acceptance and decluttering. As we enter unlock 2.0 phase, Arora further shares with us how consuming from the comfort of our homes will continue trending, why it is important to feel what your consumers are feeling and draft messages to resolve those concerns every time you communicate and everything else that OLX has planned for the new world order. Q. How have the last three months been for you? It has been a ride with a heady mix of chaos, assumptions, small wins and many learnings. While we were keen to continue to communicate with our user base, we spent some time figuring out the correct tone. We went ahead using our own moral compass of how we would like to be spoken to. As humans caught in this situation where currently all seemed normal, yet, danger lurked around. We communicated with our consumers in a low, reassuring, empathetic tone in order to assuage their anxiety. We did a second wave of communication around working with our consumers in helping them make sense of what was happening around. In some way, helping them resolve their emotions and steer them in a positive direction - hence we had a series of messages around what the consumers could do while they were stuck at home. There was no hard-sell of brand OLX. In a third wave, when we gathered that people had settled into a routine and come to terms with living in a lock-down, we wanted to help them get more comfortable with their living and working spaces. Hence the idea of decluttering. This is also when we talked of brand OLX. In the fourth way, we took the idea of decluttering further and helped the consumer with decluttering ideas around specific parts of their homes. Q. Have you observed consumer behaviour changing? With such a drastic change in lifestyle, there has definitely been a change in our behaviours as well. Some very defined trends have come up: Reliance on digital/ video based solutions: Instead of asking “Is there a reason to do this online?”, we are asking “Is there any good reason to do this in person?” Even local retailers are now offering ‘phygital’ stores and live-streaming as a concept has resurfaced again, back from the good-old days of ‘tele-shopping’ networks. A stark example of digital shift is seen in the auto industry. Even though it is a high ticket purchase, almost 70% of buying decisions are now taken online. Automobile brands are experimenting with new forms of content such as augmented reality, virtual reality and more. Similarly, in other categories too, brands will increasingly create digital touchpoints to move closer to their consumers and this will enable real-time conversations between both. Reduced discretionary spending and tendency to opt for affordable or alternative solutions hence propensity for pre-owned goods has been on the rise. People are increasingly wary of their expenses and have taken a conservative approach to the same. Consumers will weigh in their options before making a purchase and most of their purchases will be digitally-driven. This has translated into a strong growth for our pre-owned auto segment. Pre-owned cars are about 10%-50% cheaper than new cars hence as consumers look to up their hygiene quotient by shunning public transportation, pre-owned car demand has seen a multifold rise. Reframed meaning of home Spending extended periods of time at home has forced people to rethink their homes as spaces for working, relaxing and exercising, among other activities. Home takes on a whole new meaning as individuals and families figure out new ways to balance their work-life needs within the confines of their space. Going forward, we can expect setups at home that go far beyond a second screen. People will bring in special equipment, machines, and advanced video/audio setups to accommodate this change in lifestyle. Policies and new insurances will need to follow. Large packages are growing at an exponential rate, and we're going to continue to iterate in the space. Q. What are some things that you think will never be the same once we resume normalcy? Needless to say, some things will be forever impacted by the new habits that we have formed as consumers and the new innovations and pivots that corporations have subsequently made. Social distancing is here to stay for a long time to come at least until a vaccine is available. Humans by nature are social yet owing to social distancing there will be a marked reduction in the way consumers or brands interact with each other. Our entire societal ecosystem and relationships are built on trust which stems largely from in-person contact and communication and hence other ‘surrogates’ for trust would have to be developed. Consuming from the comfort of our homes is also a trend that will continue in a large way. These may include remote working and home shopping, which will drive opportunities for connectivity, distance learning, video conferencing, home office equipment, e-commerce, delivery services and the like. Travel is an area which will witness a profound impact as people would question if it's necessary to travel at all especially related to work. Only essential travel would be deemed suitable by users hence there would be decline in footfall in mass travel mediums and tourism related travel. Brands will increasingly grow conscious of their marketing spends and focus more on business continuity especially as more consumers move online and reinvention of business models for adapting the new normal will continue. Increasingly, we will see more brands come online and focus on the same as their primary marketing channels. Q. As markets open up, how are you ensuring that your consumers start trusting you? In the last 10 years, OLX has become synonymous with buying and selling anything online owing to which we have built a huge corpus of trust amongst consumers. As the markets open up, we have been advocating for the need to practice social distancing and practising right sanitization protocols for consumers via our marketing communication. On our retail front with <keyword id="8083535" type="COMPANY" weightage="20" keywordseo="olx-cashmycar">OLX CashMyCar</keyword>, we have resumed business as per government guidelines, across India albeit in a safe manner which would involve periodic sanitization of our retail centres and ensuring a safe and trustworthy retail experience for consumers. Our team members at our retail stores have been trained to follow the best possible sanitization protocols and adhering to the government guidelines to combat the spread of COVID-19. Additionally, we have also started home inspection services where we will offer inspection and procurement of the car for car sellers within the safe confines of their homes. Q. How do you see the e-comm sector shaping up? What would its future look like? Owing to the lockdown, e-commerce and online marketplaces has seen a boost. Once the lock-down ‘stabilized’ and ecommerce companies were in full swing, with the local physical stores being closed, there was an inevitable shift of consumers from offline to online. The pandemic has allowed buyers to throng to online marketplaces in order to cater to their needs. The transition is divided into three phases now, next and beyond, according to a recent report by EY. A quantum change will come when there is an increase in ecommerce sales in tier 2 and 3 towns, where digital consumption of content has increased but digital transactions are still low. Q. Has the current situation made you innovate and think out of the box, in terms of how you communicate with your consumers? Our communication has been driven by how we felt the consumers’ fears, anxiety, concerns, needs were playing on their minds during various phases of the lock-down. Our communication in India moved in four phases, almost in tandem with the phases of the central government’s lockdown. At the beginning, we advocated and educated our users on how to stay safe, keep their hygiene quotient up via creative communication tools such as images, gifs and videos. Across the second stage, we spoke about positivity and getting comfortable at home by using one’s time in activities such as reading, cooking, spiritual well-being etc. Subsequently, once consumers had settled into a routine and given our homes had become our sanctuaries, we spoke about decluttering and how it improves one's mental wellbeing. We did this sans any brand focus on OLX. The campaign centered around how decluttering could ameliorate the stress levels amongst users. Research has stated that a cluttered environment affects our efficiency and most households often have plenty of items they no longer use. By decluttering our environment, we are addressing how it helps alleviate accumulated levels of stress related to upkeep of the same. Thereafter, we gave specific decluttering tips, educating the user on how they could make the most out of the space and possessions they had. Additionally, we have also been focusing on highlighting positive stories around how consumers are using OLX to assist the most affected during COVID-19 via short films. We recently reached out to two lovely kids and their families on how they sold off their old toys on OLX to raise money for the PM cares fund. Marketing communication needs to be simple, positive and focus on giving hope to people amidst these testing times. Q. What does your media plan look like? Which medium gets your lion's share? As a digital-first brand, we have always had a major focus on digital media and ancillary focus traditional media. We have in the past leveraged traditional mediums such as television, OOH and radio. However, as digital usage has shot through the roof we have also been experimenting with new-age platforms. Right now, our focus is primarily on digital but we are not bound to the same. Prior to any campaign, we evaluate the best possible medium to reach out to the consumers and take a call on the same. Q. What are some of the key learnings from this experience? Key learnings are: <ul><li>Marketers should use their own moral compass in how they communicate with the consumer. </li><li>Keep the dialogue on - Brands should carry on communicating albeit in a sensitive manner.</li><li>Don't veer off track from your long term strategy - Even though the situation is extremely fluid brands shouldnt lose sight of their long term strategy. Brands should stick to their original purpose unless the circumstances have led to thought-through pivot in the business operations. </li></ul>

Marketers should use their own moral compass while communicating with consumers: Sapna Arora, OLX

<ul><li>OLX is planning to expand its offline used car business under the brand ‘<keyword id="7064533" type="UNKNOWN" weightage="20" keywordseo="Cash-My-Car">Cash My Car</keyword>,’ which will bring direct buying and selling of used cars. </li><li>The company is reportedly planning to set up 150 stores across 40 cities in India by 2021. </li><li>Currently, OLX has 27 stores operating in New Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Bangalore, Mumbai, Hyderabad, Pune, and Chennai.</li></ul>OLX, an Indian online marketplace for pre-owned goods, is making a big push into the used car business, with plans to <a href="https://www.livemint.com/Industry/pyhVH3xSZWF51dxLwH9RhJ/OLX-to-expand-used-car-business-offline-eyes-150-outlets-by.html">expand its operations</a>, opening up to 150 used car stores across 40 cities in India by 2021. The used ar business operates under the ‘OLX Cash My Car’ brand in collaboration with Germany Frontier Car Group (<keyword id="5821602" type="ORGANIZATION" weightage="20" keywordseo="FCG">FCG</keyword>). Currently, OLX has 27 stores that operate in New Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Bangalore, Mumbai, Hyderabad, Pune, and Chennai. OLX claims the new venture will speed up the entire process of selling a used car within 45 minutes, from inspection to online auction and payments. India’s used car market has witnessed a steady growth over the last few years from ₹385 billion in 2011 to ₹960 billion as of September 2018. The used car market may shoot up by 15% to touch ₹2,500 billion by 2021, according to an Economic Times<a href="https://economictimes.indiatimes.com/used-car-market-witnesses-steady-growth-as-new-car-sales-hit-a-speed-bump/articleshow/54382047.cms"> report</a>. This venture will operate under OLX Auto, which generates <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/with-german-company-fcg-in-tow-olx-goes-offline-for-used-car-trade/articleshow/66803652.cms">nearly 25%</a> of the overall revenue and is currently the largest revenue source for the company. OLX will directly own all the new stores, according to a Mint<a href="https://www.livemint.com/Industry/pyhVH3xSZWF51dxLwH9RhJ/OLX-to-expand-used-car-business-offline-eyes-150-outlets-by.html"> report.</a> Taking into account the growth rate of the used car business, which is 15%-16% annually, the company is expecting a steady rise in the offline business. SEE ALSO: <a href="https://www.businessinsider.in/The-11-new-cars-people-most-regularly-ditch-after-just-one-year-of-ownership/articleshow/66168880.cms">The 11 new cars people most regularly ditch after just one year of ownership</a> <a href="https://www.businessinsider.in/why-indian-automakers-saw-the-worst-festive-season-sales-in-november/articleshow/66748991.cms">Why Indian automakers saw the worst festive season sales in November</a>

Online marketplace OLX plans to open 150 ‘offline’ stores for buying and selling of used cars across India

With an aim to stay ahead of its rivals in the realty and auto segment, the Mumbai-based online classifieds platform <keyword id="6381424" type="COMPANY" weightage="80" keywordseo="Quikr">Quikr</keyword> is planning to integrate leading payment services providers’ offerings into its platform. As per Economic Times, the classifieds site, which is backed by the <keyword id="6402698" type="COMPANY" weightage="80" keywordseo="Warburg-Pincus">Warburg Pincus</keyword> and <keyword id="526777" type="UNKNOWN" weightage="80" keywordseo="Tiger-Global">Tiger Global</keyword>, has held discussions with two of the India’s two top mobile wallet providers, MobiKwik and Paytm. If the talks reach a fruitful conclusion, Quikr will get a payment service provider to present its users with an in-site payment options as part of end-to-end offerings. Upasana Taku, head of business development and merchant operations at MobiKwik, told ET that <keyword id="6360657" type="COMPANY" weightage="80" keywordseo="OLX">OLX</keyword> is also planning to provide similar services to its customers. "We have been talking to both for almost a year. They also enable payments right now but it is only to help the buyer have a premium listing ...These classifieds sites want to monetise on transactions they are empowering. Based on this consumer sentiment, they are getting more aggressive and interested in this," said Taku. 

	Realty and auto portals are two lucrative segments with high margins. Both Quikr and OLX are not only facing stiff competition from each other, but also striving hard to fight against other rivals like CommonFloor-.com, Housing.com and CarTrade.com.
 

	However, there is no official confirmation to this latest development as Pranay Chulet, founder and chief executive of Quikr, did not respond to a questionnaire sent by the Economic Times.

	(Image:

Quikr is building a new in-site-payment option. Know who its partners will be

<ul><li>The demand for pre-owned luxury cars rose on OLX Autos as new cars became costlier in 2022.</li><li>Pre-owned <keyword id="6355119" type="General" weightage="20" keywordseo="bmw" source="Orion">BMW</keyword> witnessed the highest demand on the used car platform, followed by <keyword id="6357420" type="General" weightage="20" keywordseo="mercedes" source="Orion">Mercedes</keyword> Benz and <keyword id="6363321" type="General" weightage="20" keywordseo="audi" source="Orion">Audi</keyword>.</li><li>However, even pre-owned luxury cars witnessed an increase in their prices as sellers now try to leverage the pent up demand.</li></ul>Customers are showing a growing preference for pre-owned BMW luxury cars as rising input costs and inflationary pressures make buying a new car an expensive proposition. A report by OLX Autos noted that the demand for pre-owned luxury cars witnessed a sharp increase in the first half of 2022, with BMW being the top favourite. It was followed by Mercedes Benz, Audi, <keyword id="42034" type="General" weightage="20" keywordseo="jaguar" source="Orion">Jaguar</keyword> and <keyword id="45673" type="General" weightage="20" keywordseo="porsche" source="Orion">Porsche</keyword> in that order. OLX Autos, in its report, said that the supply of luxury cars across Tier 1 cities recorded an annual growth of 40% on its used-car platform. The Tier II cities witnessed a growth of 45% in the same time frame. The company arrived at the conclusion after analysing over 50,000 luxury car listings made on the platform in the January to June period. “With discretionary spending back to pre-covid levels and an increase in disposable incomes, we are seeing a noticeable change in the aspirations of consumers to upgrade to luxury car brands. Pre-owned luxury car market has particularly benefited from this sentiment as well as from the long waiting period, and increase in prices of new vehicles,” Amit Kumar, CEO of OLX Group India, said in a statement. OLX is not alone in benefitting from this trend. Its competitor Spinny had also <a href="https://www.businessinsider.in/business/auto/news/hyundai-elite-i20-grand-i10-and-maruti-suzuki-baleno-are-the-most-popular-second-hand-cars/slidelist/92854152.cms">witnessed high demand for Mercedes C class</a>, BMW 3 series and Audi Q3 on its newly launched luxury car portal in the second quarter of 2022. However, just like brand new cars, pre-owned luxury cars also witnessed an increase in their prices from a year earlier. The average listing price of Mercedes Benz shot up by 25%, followed by Porsche that saw a 13% rise. Prices for BMW spiked 11% from a year ago, while Audi and Jaguar registered a 6% and 2.6 % rise respectively. In Tier 2 cities, on the other hand, the price of Jaguar and Porsche fell by 8% and 18%, respectively. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brand </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 1 in 2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 1 in 2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 2 in 2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 2 in 2022 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Audi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹18.6 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹19.7 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹17.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹20.1 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BMW </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹20.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹23 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹18.9 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹21.9 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mercedes Benz </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹22.6 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹28.2 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹21.4 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹25.6 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jaguar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹27.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹28.5 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹30.2 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹27.8 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Porsche </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹41.5 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹47 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹55.7 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹45.6 Lakh </td></tr></tbody></table>Source: OLX Auto Despite the increase in price across brands, Kumar said that the demand pattern on the OLX platform suggested that owning a high-end car at a discounted rate was a “lucrative” alternative for customers who were willing to buy a vehicle in this highly inflated market. It is important to note that carmakers like Maruti Suzuki, BMW, Mercedes Benz, Audi India, Kia, Tata Motors, MG Motor, Hyundai and Toyota, to name a few, have already<a href="https://www.businesstoday.in/latest/economy/story/car-price-rise-heres-how-auto-firms-are-revising-prices-of-their-key-brands-328965-2022-04-07"> increased </a>the price of their cars in India due to limited supply of parts in the market. Also, the ongoing Russia-Ukraine war has also increased the procurement cost of car components. The price hikes for the new cars came into effect on April 1, 2022. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/news/gautam-singhania-md-of-the-raymond-group-people-are-ready-to-get-dressed-go/articleshow/93269593.cms"></a><a href="https://www.businessinsider.in/business/startups/news/physicswallah-purplle-leadsquared-and-open-were-the-only-for-unicorn-of-last-quarter-in-india/articleshow/93271392.cms">In the funding winter, only four companies turn unicorns in the June quarter</a> <a href="https://www.businessinsider.in/india/news/freebies-home-visits-campaigns-and-free-jabs-for-covid-booster-dose-from-many-states/articleshow/93269529.cms">Freebies, home visits, campaigns and free jabs — this is how states are encouraging people to get their booster dose</a> <a href="https://www.businessinsider.in/tech/enterprise/news/twitter-delete-millions-of-spam-accounts-a-day-to-control-trolls/articleshow/93203353.cms">We delete millions of spam accounts a day to control trolls, says Twitter</a>

As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive

<ul><li>The <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword> has always been important to brands, especially to e-commerce players who line up big bumper discounts, look for more retail brands to partner and ramp up their product offerings.</li><li>This festive season, e-commerce platforms are focusing on bringing more personalisation and curation to customers shopping online through greater tech and marketing integration.</li><li>More and more e-commerce platforms are also exploring social commerce, turning their apps into super apps by bringing content, products and trends under one roof for consumers to watch and shop at once.</li><li>With increasing internet penetration, e-commerce players are expecting new growth from Tier II, III and beyond this festive, which will cumulatively contribute to $150 billion of e-commerce as per RedSeer Consulting’s report.</li><li>We speak to India’s leading e-commerce players to find out more about their festive plans and revival expectations.</li></ul>The year 2020 accelerated e-commerce industry, perhaps by a decade, revolutionising the way brands operate, run, and grow their businesses, as well as how consumers choose to shop and pay. In the initial months of the lockdown, businesses witnessed a clear shift in consumer behaviour. Historically offline shoppers also came online due to convenience and safety. Consumers are still hesitant to return to in-store shopping completely and audiences from Tier II and Tier III are also preferring to shop online. The pandemic has evidently caused an inflection point for e-commerce in the country. With the second-largest internet user base, India has emerged as one of the most prominent markets globally. Around 480 million people in India have access to the internet out of which 90 million are online shoppers, according to estimates from management consultancy RedSeer. Shoppers from India’s small towns and cities will cumulatively contribute to $150 billion of e-commerce GMV in the coming decade, until 2030, revealed RedSeer. <div type="image" title="redseer - ecomm report" msid="85901903" hostid="261"></div> After spending a glum year and a half, consumers are excited to celebrate the festive season with upcoming shopping sales for Diwali, Dussehra and Christmas. IPL and ICC T-20 World Cup will further improve consumer sentiment this year. According to a survey conducted by The Trade Desk and YouGov, 82% of consumers shopped online at least once a month in the past six months, and nearly one in four made online purchases several times a week or more often. Titled ‘<a href="https://pages.thetradedesk.com/rs/527-INM-364/images/TheFestiveSeasonPulse2021.pdf">The Festive Season Pulse 2021</a>,’ it further said that 91% of Indian consumers are planning a purchase during the upcoming festive season and six in 10 are interested in learning about new brands during festive season sales. To leverage this uptick in consumer sentiment, the e-commerce category is all set to begin its festive marketing blitz and is preparing to line up big discounts for the season in a few weeks. For this 30-day period leading up to the festive season, leading fashion e-commerce platform <keyword id="319719" type="General" weightage="20" keywordseo="myntra" source="Orion">Myntra</keyword> has planned ‘Big Fashion Festival,’ which will be followed up with Myntra Diwali Sale, with a focus on ethnic wear. It will also be focusing on emerging categories like Beauty and Personal care, kidswear and categories such as innerwear and essentials which have experienced tailwinds post-Covid. Myntra’s Chief Business Officer, Ayyappan Rajagopal said, “We are expecting this festive season to be bigger than last year with more customers using online channels to make their purchases. Demand usually peaks in the 30 days leading to Diwali and we expect this year to be no different. In fact, the demand in the 2 months leading to the festive season is expected to be far more than last time (because people have learnt with time to adapt to a pandemic world). We expect high demand from across geographies and markets - metros, Tier 1, Tier 2, T3 cities and beyond. To cater to that, we have built the right ethnic wear, beauty, and home selection, and have partnered with brands on best deals. Hence, to leverage this demand and provide best value to our customers, we are organizing Big Fashion Festival and Myntra Diwali Sale to make this season a resounding success.” Right on the heels of the festive season, Myntra ramped up its marketing game by onboarding Hrithik Roshan, Vijay Deverakonda and Dulquer Salmaan as its newest brand ambassadors, alongside the existing celebrity ambassadors Kiara Advani, and Samantha Akkineni. Now, it is hoping to double its customer base and cater to Gen-Z shoppers with its high-decibel marketing. “With the optimism coming from recovery from Covid and revival in shopping sentiments along with the habitualisation of digital foray across all customer segments, we see a lot of new customers shopping during this festive season. We have also seen trends in Metro/T1 markets where Myntra has been traditionally strong, pointing towards such a revival. With a positive overall sentiment, we will be looking at doubling our customer base during this period. There will also be an added focus towards expanding our footprint in southern markets, deeper penetration into Tier 2 / 3 towns and exploring customer addition through emerging categories like Kids wear, Inner wear, fashion accessories, Beauty and persona care, etc. The greatest focus will be on Gen-Z cohort of shoppers,” shared Rajagopal. E-commerce platforms are also focusing on bringing more personalisation and curation to customers shopping online through greater tech and marketing integration. More and more e-retailers are exploring social commerce, turning their apps into super apps by bringing content, products and trends under one roof for consumers to watch and shop at once. D2C fashion platform Bewakoof.com that recently raised Rs 60 crore in an investment round led by InvestCorp, IvyCap and Spring Marketing Capital, is expecting to Rs 120 crore in brand sales this quarter. It recently rolled out celebrity-led digital campaigns with Rajkummar Rao, Sanya Malhotra and Farhan Akhtar. It plans to further build its market presence by signing more A-list celebrities to its roster and launch a 360-degree campaign by October. On the technology side, the company intends to launch a gamification-led loyalty program as it upgrades its Bewakoof Tribe with new and exclusive launches for the club members. Sharing the platform’s festive plans further, Prabhkiran Singh, Founder CEO, Bewakoof.com said, “Post pandemic, we saw a strong recovery and growth in certain categories like casual wear and leisurewear because of customers staying at home and with the pandemic slowing down, we expect a strong recovery in categories like ethnic wear, bags, accessories, etc in the festive season ahead. We’re also looking to capitalise on winter wear more this year than usual with winter around the corner and have put in investments accordingly. We expect our brand sales to be Rs 120 crore for the festive quarter.” For Bewakoof, the northern and western markets see the highest demand, followed by West Bengal and Assam because of Durga Puja. Currently, over 6 million customers visit Bewakoof.com every month. Singh told us that the festive season serves as a crucial window in the year for new customer acquisition and bringing back customers that haven’t shopped again for a while. The platform is also planning on increasing its marketing spends this festive. “For this year, 15% of our total marketing budget will be spent for the upcoming festive season.” We’re in the process of rebranding Bewakoof in the next 1-2 months and we’ll have a new look, logo, tagline along with a new set of celebrities that will endorse Bewakoof so we’re excited to roll this out and create buzz around it along with backing it up with top-funnel marketing investments. We plan to go heavy on top-funnel marketing investments starting October,” said Singh. E-retail platform OLX has upped its UI to woo its customers, digitising the entire process of online retailing, including verification of all its premium items. OLX Autos launched a verified inventory of cars with a new interface, which provides a detailed history of the car right from the ownership period all the way up to the service history of the car, and access to a host of financing options and after-sales products like insurance and warranty. As a result, OLX has witnessed a surge in demand for pre-owned cars. Sapna Arora, CMO, OLX India said, “Green shoots are already visible in the used car retail segment. The demand for pre-owned cars has been 25% higher than the pre-Covid levels while there has been an 82% plus growth in demand for pre-owned smartphones. Our goods category has also witnessed a strong rebound, as demand and supply have gone up by an average of 68% and 25%, respectively, compared to pre-Covid levels. The upcoming festival season is important for us as we expect the gap to be narrowing down between pre and post-Covid levels. There has been a strong uptake of e-commerce across regions, especially in Tier 2 and Tier 3 cities, with consumers there making the greatest shift to online shopping. We will continue to focus on the pre-owned auto segment and are expecting to surpass the demand this festive season.” At an industry level, Arora told us that e-commerce players are leveraging on hyper-personalisation to create individualised experiences on the platform and AI-powered chatbots are being implemented by the online retailers to bring customers close to an offline retail experience with a high engagement rate. Sharing OLX’s plan, Arora added, “This festive season we plan to use innovative solutions via relevant messaging at different levels of the retail journey. Our consumer base is growing organically. During this year’s lockdown, a lot of people moved online and we saw growth, about 30% more daily active users (DAUs) from our previous pre-Covid peak. In the festive season, our huge inventories across segments will contribute to increasing the DAU’s on the platform.” As per Nielsen India’s E-commerce Consumer Panel (E-Analytics Solution), there was a double-digit increase in average spend of online shoppers for electronics and accessories (39%), mobile and accessories (12%), and fashion, including apparel, footwear, and accessories (10%) after the pandemic. Appliances (e.g.TV, WM, refrigerators, etc.) also saw notable shopper spending increase at 9%. E-commerce giant Amazon is also ramping up its product range for the festive season. “Together with thousands of small &amp; medium business and brand partners, we continue to offer our customers the widest selection, convenience, and fast delivery. We are humbled by how millions of Indian customers have made us a part of their daily lives. Also, customers continue to believe that online shopping is the safest way to shop which has been reflecting in all the recent events of Amazon like Prime Day 2021, Great Freedom Festival, Rakhi Store, Onam store and so on. This festive season is not a normal one for reasons we all know and our success metric would be focused on how we can make our sellers successful. Customers can look forward to shopping from a wide selection of products across categories like Home &amp; Kitchen, Fashion &amp; Beauty, Appliances and Smartphones, Grocery essentials and more from the comfort and safety of their homes," said an Amazon India spokesperson. This growth trajectory of e-commerce platforms in India testifies how customers are increasingly recognising the importance of comfort shopping within closed doors, and after seeing their businesses take a plunge in the first three months of the lockdown, more and more sellers are also coming online.

This festive season, e-commerce platforms are betting big on Tier II and III markets, which are likely to contribute $150 million to e-commerce growth this year

<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

In a fresh round of funding led by <keyword id="2604975" type="UNKNOWN" weightage="20" keywordseo="Hillhouse-Capital">Hillhouse Capital</keyword> and <keyword id="2524284" type="COMPANY" weightage="20" keywordseo="Tybourne-Capital">Tybourne Capital</keyword>, auto classifieds website <keyword id="1945738" type="UNKNOWN" weightage="20" keywordseo="Cardekho">CarDekho</keyword>.com has raised $50 million (about Rs 307 crore). CarDekho’s existing investor Sequoia Capital, which currently has a 20% stake in the company, also participated in the funding process. 
 
The seven year-old company, which sells both used and new cars on its platform, has now joined the club of Indian consumer Internet companies valued at Rs 1,000 crore or more. 
 
"We will be using the proceeds primarily towards brand building and marketing. We will consider acquisitions as well, and have held talks with other start-ups that we feel can enhance our technology platform," said Amit Jain, co-founder and chief executive officer (CEO) at CarDekho. CarDekho’s chief competitors are Tiger Global, <keyword id="1980082" type="UNKNOWN" weightage="20" keywordseo="Cartrade">CarTrade</keyword>.com and <keyword id="817470" type="COMPANY" weightage="20" keywordseo="Carwale">Carwale</keyword>.com. It also faces competition from classifieds websites like OLX and eBay-backed Quikr. 
 
"Given the adoption of the Internet in India, especially through mobile, we're targeting revenue of Rs 500-600 crore, and a billion dollar valuation over the next four to five years," said Jain. 
 
A number of global hedge funds have been pumping cash into the country’s consumer Internet businesses for the last two years.

You Searched For "olx autos" and got 13 results

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