Indian Platform for Pre-Owned Vehicles CARS24 Enters UAE
The drive into the UAE becomes the country’s first in the region ahead of further planned Middle Eastern expansions.
India-based e-commerce platform for pre-owned vehicles, CARS24, has entered the UAE market and thus become one of the first companies in the Gulf state to present the opportunity of purchasing cars entirely online.
Founded in 2015 by Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal and Vikram Chopra (pictured), the platform showcases thousands of automobiles to cater for the UAE population’s enthusiasm for cars, and the company’s heavy investment into its robust technology framework allows customers to browse, identify, book, pay for, and have a car delivered to their home. Moreover, the platform’s 150-plus inspection checks ensure a rigorous quality-maintenance to assure hopeful used-car buyers, an assurance which is made contractual through the seven-day returns policy and 2 year warranty.
“The UAE is known across the globe for its appetite for cars, and for early adoption of technology across industries,” said CARS24 CEO for the Gulf Region, Abhinav Gupta. “The growing population, and the fact that most UAE families have an average of two cars, makes this market an interesting playground for CARS24.”
“We are here to cater to the needs of car lovers and have invested heavily in technology to ensure that they can buy cars with a click of a button,” he said, adding that the company aims to “offer our customers an easy, seamless, and transparent car buying experience.”
Backed by investors including Sequoia India, Exor Seeds, DST Global, Kingsway Capital, Unbound, Moore Strategic Ventures, and KCK, the company has earmarked investments of AED 400 million (approximately $109 million) for international expansions in 2021. It aims to drive into other Middle Eastern and Southeast Asian markets after already selling 400,000 cars in its existing market operations. Its funds will also be directed at building a state-of-the-art platform for reconditioning cars and ensuring their quality.
With this warchest, Gupta believed CARS24 was “well-poised to scale an explosive growth trajectory internationally and we will continue to offer our burgeoning roster of offerings to newer markets.”
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Feb 20, 2024