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CARS24 acquires CarInfo to expand into vehicle information services

EntrackrEntrackr · 2d ago
CARS24 acquires CarInfo to expand into vehicle information services
Medial

CARS24 acquires CarInfo to expand into vehicle information services Used-car marketplace CARS24 has acquired vehicle information and management platform CarInfo. This is the Gurugram-based company’s second acquisition within a year, after it took over the automotive community platform Team-BHP. The acquisition brings CarInfo and its other app BikeInfo into the CARS24 ecosystem, though both platforms will continue to operate as standalone apps with their existing teams. CarInfo focuses on simplifying access to vehicle-related information such as registration details, insurance and pollution certificate validity, challans, FASTag status, and other compliance requirements. CARS24 founder and CEO Vikram Chopra mentioned the importance of managing vehicle ownership issues, particularly those like expired documents or inaccessible records. CarInfo was created with the insight that vehicle management for cars and bikes remains complex, reducing the burden by making essential information accessible with minimal effort. While CARS24 has not officially disclosed the deal value, MediaNama reported it at Rs 118 crore, citing a regulatory filing. Founded by Saajid Mani and his team, CarInfo serves more than 12 million monthly active users. Chopra described the platform as a product that has grown through consistent utility, becoming a commonly used tool for managing vehicle needs. The acquisition aligns with CARS24’s broader ambition to expand beyond vehicle transactions into the wider ownership lifecycle. By integrating vehicle information and compliance services, CARS24 aims to deepen customer engagement and create a comprehensive platform for car and bike owners. In FY24, CARS24 sold over two lakh cars and reported revenue close to Rs 7,000 crore. The company is preparing for a potential public market listing. The broader used-car and automotive services space is expected to see further consolidation, with Spinny set to acquire car-servicing platform GoMechanic.

CARS24 acquires Team-BHP

EntrackrEntrackr · 8m 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.

CARS24 elevates Himanshu Ratnoo as CEO of used cars India

EntrackrEntrackr · 1y 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.

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