India-based auto marketplace Cars24 has started operations in the UAE in its first ever foreign expansion.
Cars24 announced that it has begun operations across all Emirates in the UAE, with a headquarters in Ras Al Khor Industrial Area, Dubai. The company has also introduced unique selling points like seven-day return, 24-month/ 40,000 km warranty, and doorstep delivery. Currently, there are over 1,000 used cars available in the UAE segment on the site.
“We strive to provide the best used car buying experience, be it ease of buying, the pricing, or the quality of cars on offer. Every car procured undergoes a 140-point quality check, followed by a refurbishment process under expert supervision, before it goes up for sale on CARS24,” the company has announced.
Cars24 had recently hinted at foreign expansion following the appointment of Kunal Mundra as the new CEO. The expansion strategy was also fueled by the company’s 82% revenue growth in the FY20 and the $200 million it raised in Series E funding round in November last year. After the funding round, the company earned a coveted place in the unicorn club.
Rival CarDekho has also stepped up its foreign expansion recently, earmarking fresh capital for operations in Malaysia and Thailand. Another India-based rival marketplace, Droom, is strengthening its presence in Southeast Asia. Cars24 has set its sights on the Gulf markets.
Founded in 2015, Cars24 was initially a b-to-b marketplace, purchasing used cars from customers, but later expanded to a b-to-c model, offering customers the opportunity to buy used cars online. The company also acquired an NBFC license in 2020 for its financial services, and later ventured into a motorcycle category. In addition to its new UAE business, it operates in over 130 cities in India.