Gurugram-based CARS24, one of India’s fastest-growing online marketplace for buying and selling used cars has announced a strategic partnership with international cricketer and former captain of the Indian cricket team,Mahendra Singh Dhoni even as it looks to elevate and strengthen its brand and to expand across markets. As part of this partnership, MS Dhoni is all set to own equity in CARS24 and will also act as the startup’s brand ambassador. The investment is a part of its Series D round of funding.
Talking about his investment in the automobile marketplace startup, Mahendra Singh Dhoni said,
I am thrilled to be part of the CARS24 journey. Besides being a fan of all things to do with cars, I am also a fan of new-age companies that are disruptive, innovative and shaping the future. CARS24 is definitely one of these companies. They have big ambitions and I am excited to work with them and help them achieve their goals.”
In April 2019, the startup had secured funding of Rs 77.58 crore from its Singapore-based parent Global Car Group, with its valuation being estimated at $250 million. Besides being online, the company also has an offline presence with 155 branches across 35+ cities in India.
Welcoming the famous cricketer on-board as an investor, Vikram Chopra, Co-founder and CEO, Cars24 said,
We are very excited to welcome Mahi into the CARS24 family. His ability to constantly evolve, innovate and find solutions to every problem thrown at him over the years have made him the most celebrated captain in the Indian history. It’s the same values that we live by at CARS24 and, therefore, the partnership felt natural and perfect. We also share a common love for cars which makes this even more special.”
Cars24 competes with the likes of CarDekho, Droom, Quikr Auto, Olx, CarTrade, and NDTV Auto and is backed by marquee investors like Sequoia India, Exor Seeds (a venture fund affiliated with one of the world’s leading holding companies controlled by the Agnelli Family), partners of DST Global, Kingsway Capital (London based multi-billion-dollar fund), and KCK (Silicon Valley and New York based investment firm).
Founded in 2015 by FabFurnish founders Vikram Chopra and Mehul Agrawal, CARS24 follows a customer-to-business (C2B) model. It buys cars from individuals and sells them to dealers.
Unlike a classified platform, CARS24 enables end-to-end transactions and charges a commission for each transaction. The company has also recently announced its foray into the franchise model, with an intention to scale up its presence in 300+ Tier-II, III, and IV markets by 2021.