CARS24 Reinforces its Focus in Maharashtra; Launches Mega Refurbishment Lab in Mumbai

-       The Mega Refurbishment Lab in Mumbai is the third largest facility by CARS24

-       CARS24 mega refurbishment labs to create upwards of 275 auto experts jobs

-       Latest lab to provide consumers with state of the art refurbishment facilities for high quality used cars

Mumbai; 8 November 2021: CARS24, India's leading e-commerce platform for pre-owned vehicles, today opened doors to its third largest Mega Refurbishment Lab in Mumbai of the 7 Mega Refurbishment Facilities by the brand. The latest facility is spread over 1,00,000 sq ft. in the Thane district for catering to the Maharashtra market.

This huge facility in Mumbai will refurbish over 80 cars daily and create upwards of 275 auto experts’ jobs, the largest of the 7 facilities. CARS24 had previously stated that the 7 Mega Refurbishment Facilities will provide over 1500 jobs in the country. It is the third largest of the seven Mega Refurbishment Labs by CARS24, set to open by the end of this year to provide buyers with access to high quality used cars coupled with a warranty through a trusted channel.

The pre-owned car ecosystem has always been plagued by inefficiencies due to the inherent information asymmetry in the vertical. CARS24 is building a gold standard for the quality of used cars in India- the convergence of disruptive technology driven state-of-the-art facilities will transform the pre-owned auto industry and thus, fill the standardization and benchmarking gap prevalent in the industry. The brand will also leverage AI, machine learning, and data science to standardize and optimize the refurbishment process. This will make the entire process efficient and effective while eliminating subjectivity.

Speaking on the announcement, Kunal Mundra, CEO, Cars India, CARS24 said, “Mega Refurbishment Labs is the way forward in approaching the inefficiencies in the used car industry. Today the pre-owned car market is predicted to get significant growth, with many announcements of initiatives and policies in the recent past. With the festive season, we believe that the demand for pre-owned cars is expected to witness a significant uptick.”

He further added “Maharashtra is a key market for our business considering it is one of the leading states in India for pre-owned car buyers. Our focus is to enhance the used car buying journey of our consumers and strengthen our presence in the state. With the launch of our Mega Refurbishment Lab in Maharashtra, we aim to deliver a seamless and rich experience for our consumers and provide them access to quality cars.”

Founded in 2015, CARS24 exists to transform the way consumers buy and sell cars by leveraging technology at every leg of the consumer journey to solve genuine pain points and deliver a seamless experience. It allows customers to shop from 10,000 cars on the platform, finance, then select doorstep delivery with additional features of 6-months warranty and no questions asked return policy. CARS24 vehicles are inspected, reconditioned and photographed in 360-degrees at the refurbishment centers, so customers get a trustworthy, reliable and transparent buying experience along with quality cars.

About CARS24:

CARS24 is the largest online transaction platform for pre-owned vehicles in India. Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, it offers an efficient, reliable, and hassle-free transacting experience to customers to buy and sell pre-owned vehicles (cars and bikes) as well as financing options. CARS24 operates in over 200 cities in India.

Since its inception, CARS24 has built a strong technology backbone that features various first-of-its-kind offerings including an innovative auction format, a state-of-the-art proprietary inspection app, and a powerful algorithm that matches supply and demand across the country. In addition, CARS24 also features an innovative price discovery mechanism for used vehicles.

CARS24 is the first player in the pre-owned vehicle industry to procure a non-banking financial company (NBFC) license and launch consumer lending business with CARS24 Financial Services and two-wheeler segment BIKES24. It is backed by marquee investors like Sequoia India, SoftBank, Falcon Edge, Exor Seeds (venture arm of Exor, one of the world’s leading holding companies controlled by the Agnelli Family), DST Global, Kingsway Capital (London based multi-billion US$ fund), Unbound (global investment firm headquartered in London), Moore Strategic Ventures and KCK (Silicon Valley & New York based investment firm).

 

For further information, please contact:

CARS24

Aakanksha Ahlawat | aakanksha.ahlawat@cars24.com

Genesis-BCW

Prakriti Singh | prakriti.singh@genesis-bcw.com | 9811317976

Rohan Vora | rohan.vora@genesis-bcw.com | 9820432753