Hyderabad: Cars24, an online transaction platform for pre-owned automobiles, which hitherto focused on used car space, has forayed into the two-wheeler segment recently.
Started in Delhi-NCR, the company plans to expand the used two-wheeler segment to Hyderabad among other cities like Bengaluru and Mumbai in the next six months. The company recently received a $200 million funding and is currently the only startup in the auto sector to reach the unicorn valuation. The company uses technology to seamlessly connect buyers and sellers while also providing an efficient platform that sees to it that the transaction is hassle-free.
“We are seeing personal mobility becoming the need of the hour in the post-Covid world and that is why we thought about foraying into the used two-wheeler segment as well. We are seeing good demand for this segment in Delhi-NCR and hoping to launch the service in major cities including Hyderabad. We are also looking to penetrate deeper by foraying into tier-2 and 3 cities as well,” said Gajendra Jangid, co-founder, Cars24.
Currently, Cars24 is present in 10 cities in Telangana and Andhra Pradesh region. Pan-India, it operates in about 130 cities.
With presence in 50-55 per cent of the used car market in India, Cars24 has seen a huge headwind among car buyers in the post-pandemic world. Many customers, according to its co-founder Gajendra Jangid, are looking at personal mobility and this is helping the used car market to grow in the country.
“We have seen that almost 60 per cent of our buyers are first time customers and this is going to increase soon. The auto industry shifted from seeing traction in shared mobility to personal mobility and these factors are driving the used car market. We are seeing high demand from not just metros but also non-metros as well,” Jangid said.
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