Cars24 plans to double retail presence in India
New Delhi: Used car marketplace Cars24 targets to double its retail foorprint across the country in 2020 with planned launches of around 200 branches.
The company currently has 200 branches with the latest being launched in Bhubaneshwar, Odisha on Monday.
According to a company statement, in past one year, it has expanded its presence to 73 cities from 18 cities in 2018 and doubled the number of branches from 100 in 2018 to 200 in 2019.
"Given our expansion plan in 2020, we will be adding approximately 200 more branches, perhaps adding 100 more cities to our entire portfolio," said Gajendra Jangid, Co-founder and Chief Marketing Officer (CMO), Cars24 said.
Jangid further said that it would focus on more on tier-III and IV towns in the year ahead.
"There is a long trail of tier-III and IV towns, where we are not present yet. We are going to go aggressively in tier-III, tier-IV towns," he added.
He observed that on a monthly basis the company is transacting about 15,000 cars, including buying and selling of used vehicles.
Talking of the demand, he noted that although the supply mostly comes from the tier-I cities, demand is high in tier-II and tier-III towns.
"Approximately 30-40 per cent of the cars which we buy in metros end up going to tier-II and tier-III cities," he said.
Cars24 is a tech-enabled platform that offers customers to buy and sell used cars. The company, in-turn, sells these cars online through its proprietary auction platform to businesses across India, dealing in pre-owned cars. Investors of the company include Sequoia India, Exor Seeds, Apoletto, Kingsway Capital and US-based investment firm KCK.