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CARS24 acquires Team-BHP

EntrackrEntrackr · 3m ago
CARS24 acquires Team-BHP
Medial

CARS24 acquires Team-BHP CARS24 has acquired Team-BHP, a major automotive community platform in India. The move aims to improve digital infrastructure and enhance automotive decision-making for users. Team-BHP will continue to operate under its founding team with its current policies, including no advertising and community-based moderation, the company said in a press release. Founded in 2004, Team-BHP provides user-driven reviews, ownership reports, and vehicle insights. CARS24 will focus on integrating technology, product upgrades, and AI tools into Team-BHP without altering its core operations. Vikram Chopra, CEO of CARS24, stated that the partnership will support better data use and expand platform capabilities. Rush Parekh, founder of Team-BHP, emphasized the platform's continued independence while leveraging new resources for growth. The companies will work together to enhance features for users involved in vehicle buying, selling, and ownership. CARS24, which is backed by Alpha Wave, SoftBank, Tencent, and DST Global, claims to have sold 200,000 cars in the fiscal year ending in March 2024. During the period, its gross revenue grew to Rs 6,917 crore from Rs 5,530 crore in the previous fiscal year.

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Cars24 lays off 200 Employees

EntrackrEntrackr · 3m ago
Cars24 lays off 200 Employees
Medial

Cars24, the e-commerce platform for pre-owned vehicles, has laid off over 200 employees as part of a cost-cutting measure, according to three sources familiar with the development. According to sources, the SoftBank–backed company provided affected employees with standard severance packages. In a statement to Entrackr, Vikram Chopra, co-founder and CEO of Cars24, said, "This is a tough decision. Over the past few weeks, we've had to part ways with around 200 employees across various functions. We are deeply grateful for their contributions. The layoffs are not about performance, but about structure and the bets we placed. We've learned that speed without clarity is expensive, and some projects and roles were added prematurely. Moving forward, we need to be more strategic and deliberate with our investments and team-building." Despite not raising any external funding in the last three and a half years, Cars24 secured $450 million in December 2021 from investors including SoftBank, Tencent, DST Global, and Falcon Edge’s Alpha Wave. This funding round valued the company at $3.3 billion. In FY24, Cars24 reported a 25% year-on-year increase in revenue, from Rs 5,530 crore in FY23 to Rs 6,917 crore. Despite this, the company posted a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore for the same period.

CARS24 elevates Himanshu Ratnoo as CEO of used cars India

EntrackrEntrackr · 7m ago
CARS24 elevates Himanshu Ratnoo as CEO of used cars India
Medial

Cars24, an e-commerce platform for pre-owned vehicles, has elevated Himanshu Ratnoo to the position of Chief Executive Officer (CEO) of Used Cars India. The announcement was made by Vikram Chopra, founder and CEO of CARS24, in an internal email to the organization. In his new role, Ratnoo will oversee the company’s C2B and retail operations, focusing on scaling growth and driving innovation. Ratnoo’s initiatives include the development of franchise models, lead monetization strategies, and a revamped approach to luxury car transactions. CARS24 offers services like buying, selling, loans, insurance, driver on demand, FASTag, challans, scrapping, and more, making it the only super app in this segment. Apart from this, through CARS24 Financial Services, the company offers various vehicle lending products to customers. Following a modest growth in FY23, Cars24 registered 25% year-on-year growth to Rs 6,917 crore in the fiscal year ending March 2024. However, the firm’s net losses stood at Rs 498.4 crore with an adjusted EBITDA of Rs 318.8 crore in FY24. Cars24 has not raised external funding in the last three years. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global.

Plane acquires US-based Sort

EntrackrEntrackr · 2m ago
Plane acquires US-based Sort
Medial

Open-source project management startup Plane has acquired Sort, a US-based engineering team specializing in AI-native enterprise workflows, marking its official expansion into the North American market. The move comes 18 months after Plane raised $4 million in seed funding. The Sort team brings deep expertise in enterprise software and AI systems, using Plane’s capabilities in infrastructure, on-prem deployment, and workflow automation. The acquisition strengthens Plane’s product offering as a modern, self-hosted platform tailored for security-conscious organizations, and accelerates its enterprise go-to-market efforts across North America. Plane is an open-source project management platform built for modern teams, combining task tracking, wikis, and timelines in a unified interface. With advanced features like custom workflows, RBAC, audit logs, and air-gapped deployments, it serves over 100,000 users globally. With its US expansion and a team featuring veterans from MongoDB, PayPal, Elastic, and BitGo, Plane is planning to become a category-defining Work OS that balances openness, control, and enterprise-grade performance.

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