PremiumCARS24 on Thursday said it will invest $100 million (around ₹738 crore) to expand operations in international markets in 2021.
The Online used car marketplace has already forayed into Australia and the UAE and is now ready to launch business in south-east Asian and middle-eastern countries this year.
The investments will be used to build the brand in these new territories coupled with a strong supply of cars for the platform, and a workshop to recondition cars to ensure top quality, it added.
"In the last six years, we have worked very hard to revolutionise the way our consumers buy or sell their cars in India. Interestingly, the pain points of used car consumers across the globe remain pervasive. We are sure with our expertise and experience of operating in a diverse market like India, we will be able to cater to the needs of our new customers as well," CARS24 Co-Founder and CEO Vikram Chopra said.
"The company's expansion into the markets of the UAE, Australia and south-east Asia mark a milestone moment in the growth of CARS24 as we introduce a whole new world of cars to new audiences," Chopra added.
At present, CARS24 is shipping cars to customers across Dubai, Abu Dhabi and Sharjah and to Brisbane in Australia, shortly followed by Sydney and Melbourne as well.
“Australia is a car-loving nation of consumers who have had no alternative to the traditional used car buying model - until now... We have high expectations for our growth in this market," CARS24 Australia GM Olga Rudenko said.
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, CARS24 offers customers to buy and sell pre-owned vehicles (cars and bikes) .
The company operates in over 130 cities in India.
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