Cars24 Sets Foot In Bhubaneswar

Bhubaneswar: Tech-based used car marketplace Cars24 on Monday opened its first outlet in Odisha.

With this outlet on the Janpath at Saheed Nagar here, the company has now reached 73 cities and is intending to expand to more tier-III and tier-IV towns.

“Given our expansion plan in 2020, we will be adding approximately 200 more branches, perhaps adding 100 more cities to our entire portfolio,” said Gajendra Jangid, Co-founder and Chief Marketing Officer (CMO), Cars24, said.

Jangid said that the supply mostly comes from tier-I cities, while the same cars end up being sold in tier-II and tier-III cities.

Cars24 buys used cars from users and sells them to businesses across India. The company is backed by Sequoia India, Exor Seeds, Apoletto, Kingsway Capital and US-based investment firm KCK.