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Home Gadgets Cars24 earmarks $100 million to fuel its overseas expansion plans

Cars24 earmarks $100 million to fuel its overseas expansion plans


New Delhi: Cars24, a web-based market for used cars, has earmarked $100 million (about Rs 738 crore) to gasoline its worldwide growth this 12 months.

The corporate, which not too long ago entered Australia and the United Arab Emirates, is now able to launch its used automobiles enterprise in Southeast Asia and the Center East. The funds will go in the direction of constructing the model within the new territories, making certain a gentle provide of used automobiles, and establishing a workshop to make sure high-quality.

“Within the final six years, now we have labored very arduous to revolutionise the way in which our customers purchase or promote their automobiles in India. Apparently, the ache factors of used automotive customers throughout the globe stay pervasive,” mentioned Vikram Chopra, co-founder and chief government officer, Cars24.

“Cars24 is poised for explosive progress internationally and we’ll proceed to supply our roster of choices to newer markets,” he mentioned. “”We’re certain that with our experience and expertise of working in a various market like India, we will cater to the wants of our new prospects as nicely.”

The Gurugram-headquartered is at present delivery automobiles to prospects in Dubai, Abu Dhabi and Sharjah within the UAE and to Brisbane in Australia. Sydney and Melbourne will be a part of this listing quickly.

“Australia is a car-loving nation of customers who’ve had no different to the standard used automotive shopping for mannequin, till now… Now we have excessive expectations for our progress on this market,” mentioned CARS24 Australia Normal Supervisor Olga Rudenko.

Based in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, Cars24 claims to supply hassle-free transacting expertise to prospects to purchase and promote pre-owned autos (automobiles and bikes) in addition to financing choices. The corporate operates in over 130 cities in India.

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