This Cars24 company profile covers the company's valuation, revenue, funding rounds, investors and history. Cars24 works in consumer, with a focus on used car marketplace. It was founded in 2015 and is headquartered in Gurugram, Haryana, India. Its latest valuation on record is US$3.3 billion (Last funding round (2021–2022)). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
₹1,411 crore (about US$170 million) — Adjusted net revenue, FY26 (unaudited, company-reported), as of FY2026 (year to March 2026). Source: Kotak Neo.
| Metric | Value | As of | Source |
|---|---|---|---|
| Profitability | Adjusted EBITDA loss narrowed to about ₹200 crore in FY26 from ₹475 crore; first adjusted EBITDA-positive quarter in Q4 FY26 (about ₹20 crore) | FY2026 | Inc42 |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Dec 2021 | Last private round | See source | US$3.3B post-money | See source | Kotak Neo |
Cars24 timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2015 — Cars24 is founded in Gurugram by Vikram Chopra (CEO), Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal.
- Dec 2021 — Last private round: See source, valuing the company at US$3.3B post-money.
- FY2026 — Profitability: Adjusted EBITDA loss narrowed to about ₹200 crore in FY26 from ₹475 crore; first adjusted EBITDA-positive quarter in Q4 FY26 (about ₹20 crore).
Investors
Overview
Cars24 is one of India's largest platforms for buying and selling used cars. It started by making it easy to sell a car: owners book an inspection, receive an instant price and get paid quickly, without haggling with dealers. Cars24 then resells the cars to consumers through its own retail channel or to dealers through auctions, and it offers loans, insurance, servicing and other services around car ownership. It also operates in the UAE and Australia. Its last funding round valued it at US$3.3 billion, and the company is preparing for an Indian IPO after moving its holding company from Singapore to India.
Vikram Chopra, the CEO, co-founded Cars24 in 2015 with Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal. The founders saw that India's used car market, much larger than its new car market in units, was fragmented and dominated by informal dealers with little transparency or trust.
Products
- Sell your car: inspection, instant valuation and fast payment for car owners.
- Buy used cars: inspected cars with warranties, returns and home test drives.
- Dealer marketplace: auctions for dealers to buy cars in bulk.
- Financing: used car loans through its lending arm and partners.
- Insurance and services: insurance, servicing, challan (traffic fine) payments and other ownership tools.
Funding
Cars24 raised from investors including Sequoia Capital India (now Peak XV), Exor, DST Global, SoftBank Vision Fund 2, Tiger Global and Alpha Wave Global. Its last funding round, in late 2021 into 2022, set a post-money valuation of US$3.3 billion. It hasn't raised a new priced round since, and some third-party trackers estimate lower current values, so the US$3.3 billion figure should be treated as historical. The company hasn't disclosed a target IPO valuation.
Revenue and profitability
Cars24 reported adjusted net revenue of ₹1,411 crore for FY26, up about 27% from ₹1,108 crore in FY25; the figures were unaudited. In mid-FY26 it shifted its wholesale business from buying and reselling cars to earning commissions, which reduces reported gross revenue but improves capital efficiency. Its adjusted EBITDA loss narrowed to about ₹200 crore, and it reported its first adjusted EBITDA-positive quarter in Q4 FY26. Inc42 noted that the Indian entity's reported operating revenue fell under the new accounting, which is why different revenue figures appear in coverage.
Business model
Cars24 earns money from margins and commissions on car transactions, fees from dealers, interest and fees on loans, insurance commissions and services. Moving to a commission model in wholesale reduces the inventory it holds, lowering risk and working capital needs. Retail sales to consumers involve buying and reconditioning cars, which carries more risk but higher margins per car.
Competition
Cars24 competes with Spinny, CarDekho (and its CarDekho Gaadi platform), OLX Autos (which exited several markets), Maruti Suzuki True Value and other dealer networks, and informal dealers. Internationally, Kavak in Latin America and Carvana in the US use similar models. Its advantages are scale, brand recognition and a wide service offering.
Cars24 at a glance
Cars24 is a Gurugram used car platform founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal, operating in India, the UAE and Australia. It reported FY26 adjusted net revenue of ₹1,411 crore and its first adjusted EBITDA-positive quarter. Its last funding round valued it at US$3.3 billion, and it plans an Indian IPO, with eligibility to file expected by around April 2027.
Timeline
- 2015: founded in Gurugram.
- 2018–2020: expands across India and launches car buying.
- 2020: becomes a unicorn.
- 2021–2022: raises at US$3.3 billion; expands to the UAE and Australia.
- FY26: shifts wholesale to commission model; reaches adjusted EBITDA profit in Q4.
- 2026–2027: reverse flip to India and IPO preparation.
The reverse flip
Many Indian startups set up parent companies in Singapore or the US to raise foreign investment. To list in India, they must move ("flip back") their holding company to India, which involves tax and regulatory steps. Companies such as PhonePe, Groww, Razorpay and Zepto have made or announced similar moves. Cars24's CFO has said the company expects to become eligible to file its draft red herring prospectus (DRHP) by around April 2027 after completing the reverse flip.
Why used cars are a hard business
Every used car is different, so pricing depends on inspection, condition and local demand. Holding inventory ties up capital and risks losses if prices fall. Reconditioning, logistics and warranties add cost. Online used car companies worldwide, including Carvana, Vroom and Cazoo, have faced large losses or failures. Cars24's shift towards commissions and services is a response to these challenges.
Who uses Cars24
Cars24's users include car owners selling vehicles, consumers buying used cars, dealers buying in bulk, and borrowers taking car loans in India, the UAE and Australia.
Valuation context
Indian startup listings since 2021 have produced mixed results, and investors will compare Cars24 with listed internet companies and the performance of CarTrade. Our guide to the largest Indian startups provides comparisons.
Risks
- Inventory and pricing: used car prices can swing.
- Profitability: sustained profits are not yet proven.
- Competition: rivals and informal dealers compete on price.
- Stale valuation: the last valuation predates the market correction.
Questions for buyers and sellers
- How does the offered price compare with other channels?
- What does the warranty and return policy cover?
- What are the loan rates and fees?
Questions for investors
- How sustainable is adjusted EBITDA profitability across a full year?
- How much of revenue comes from financing and services?
- How do UAE and Australia contribute to growth?
Who benefits
For car owners, the main benefit is speed and certainty: a fixed offer after inspection and fast payment, instead of negotiating with several dealers. For buyers, inspected cars with warranties reduce the risk of hidden problems.
Latest developments (October 2026)
In September 2026 Cars24's chief financial officer Shivanshu Makkar said the company expects to become eligible to file its draft IPO prospectus in India around April 2027, after moving its holding company from Singapore to India, and that it has no valuation target yet, according to YourStory. Cars24 has not raised fresh equity since its US$400 million Series G at US$3.3 billion. For FY26 it reported adjusted net revenue of ₹1,411 crore, up 27%, and narrowed its adjusted EBITDA loss to ₹200 crore from ₹475 crore.
What to watch
Watch the reverse flip, DRHP filing, audited FY26 results and IPO valuation. Our guide to upcoming tech IPOs tracks potential listings.
Takeaways
Car owners can sell quickly with transparent pricing. Founders can see how shifting to asset-light models improves economics. Investors should treat its US$3.3 billion valuation as historical until the IPO prices.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Cars24 do?
Cars24 is a consumer / used car marketplace company headquartered in Gurugram, Haryana, India. It was founded in 2015.
What is Cars24's valuation?
Cars24 was valued at US$3.3 billion as of Last funding round (2021–2022), according to Kotak Neo. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Cars24 make?
Cars24 reported ₹1,411 crore (about US$170 million) (adjusted net revenue, fy26 (unaudited, company-reported)) as of FY2026 (year to March 2026), according to Kotak Neo.
What was Cars24's latest funding round?
The most recent financing we have verified is a last private round in Dec 2021: See source, at a valuation of US$3.3B post-money. Source: Kotak Neo.
Who are Cars24's investors?
Investors named in public announcements include Alpha Wave Global, Tiger Global, DST Global, SoftBank Vision Fund 2, Sequoia Capital India (Peak XV) and Exor.
Who founded Cars24?
Cars24 was founded in 2015 by Vikram Chopra (CEO), Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal.
Is Cars24 a public company?
No. Cars24 is a private company (private, venture backed (ipo planned)), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Cars24 headquartered?
Cars24 is headquartered in Gurugram, Haryana, India.