Vikram Chopra transformed the used car buying and selling experience by building Cars24 into one of India's biggest AutoTech startups.
From solving used car sales to building a $3.3 billion startup, explore the inspiring journey of Cars24 founder Vikram Chopra.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Table of Contents
- Quick Facts
- Introduction
- The Cars24 Story
- Business Model
- How Cars24 Makes Money
- Funding History
- Revenue and Recent Performance
- Cars24 vs Competitors
- Current Role and Recent Moves
- Key Takeaways
- FAQs
- Sources
Quick Facts
Vikram Chopra: Born in Raebareli, BTech and MTech in Engineering from IIT Bombay, MBA from Wharton School University of Pennsylvania. Occupation: Founder, CEO, and Co-Founder, Cars24. Years active: 2015 to present. Co-founders: Mehul Agrawal, Gajendra Jangid, Ruchit Agarwal.
Introduction
Vikram Chopra founded Cars24 in 2015, transforming India’s pre-owned vehicle sales market through technology and innovation. From personal frustration with selling a used car, Chopra co-founded Cars24 alongside Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal. The company rapidly evolved into a unicorn by 2020, reaching a valuation of $3.3 billion as of 2026. Cars24 operates across India, UAE, Thailand, and Australia, processing over 400,000 transactions and generating approximately $930 million in annual revenue. This profile covers Chopra’s entrepreneurial journey, Cars24’s business model, funding growth, and its position against traditional dealerships and online competitors.
The Cars24 Stor
Vikram Chopra’s entrepreneurial journey began long before Cars24. After completing his BTech and MTech from IIT Bombay and MBA from Wharton, he worked as a Business Analyst at McKinsey and Company, then as an Investment Analyst at Sequoia Capital. In 2012, Chopra co-founded FabFurnish, an online furniture and home decor marketplace, with Mehul Agrawal. While FabFurnish gained market attention, it did not achieve the scale Chopra envisioned. However, this venture taught him critical lessons about supply chain management and market adaptation that would later prove invaluable.
In 2015, Vikram Chopra personally experienced the frustration of selling a used car in India. Sellers faced multiple middlemen, inconsistent pricing, long payment cycles, and cumbersome paperwork including RC transfers. Recognizing this pain point, Chopra launched Cars24 with co-founders Mehul Agrawal (COO), Gajendra Jangid (CMO), and Ruchit Agarwal (CFO). Each founder brought complementary expertise. Gajendra Jangid, like Chopra, held dual engineering degrees from IIT Bombay and had worked at Schlumberger. Mehul Agrawal held an MBA from IIM Calcutta and prior experience at BCG. Ruchit Agarwal, a Cornell University graduate, had worked as Vice President at Bank of America Merrill Lynch.
Cars24 entered the market with technology-driven solutions including digital car valuation, faster payments, ownership transfer assistance, dealer auctions, and convenient one-visit or doorstep selling. A major milestone came in 2019 when Mahendra Singh Dhoni, former India cricket captain, invested in Cars24 during a funding round and became the company’s brand ambassador, significantly raising the brand’s profile and credibility.
Business Model
Cars24 operates an online used car marketplace with both digital and offline presence. The platform enables car owners to sell pre-owned vehicles through a digital process involving inspections and price discovery. Cars24 operates 202 branches across 73 Indian cities plus international operations in UAE, Thailand, and Australia.
The company’s platform facilitates end-to-end transactions including:
- Digital car valuation using AI and data analytics
- Vehicle inspections and quality checks
- RC transfer and paperwork assistance
- Online auction platform for dealers
- Verified used cars with buyback guarantees
- Trade-in options for customers
Key service extensions include:
- Cars24 Financial Services for vehicle loans to customers and finance channel partners
- Cars24 Moto for pre-owned two-wheeler sales
- Loans24 for expanded lending services
- Pre-delivery inspection services
How Cars24 Makes Money
Cars24 generates revenue through multiple streams. The primary revenue sources include service fees from vehicle sellers, commissions from buyers on successful transactions, and income from financial services including car loans and insurance products. The company also earns through ancillary services including RC transfer assistance, trade-in options, and extended warranty offerings.
The Financial Services vertical has become increasingly important. With NBFC licensing from the Reserve Bank of India, Cars24 Financial Services facilitates vehicle loans with average ticket sizes of Rs 2.5-3 lakh for consumers, creating an additional revenue stream while improving customer acquisition and retention.
Funding History
| Round | Year | Amount | Lead Investors |
|---|---|---|---|
| Seed funding | 2015 | Undisclosed | Early investors |
| Series A | 2018 | Undisclosed | Early stage backers |
| Series B-D | 2018-2019 | Multiple rounds | Various VCs |
| Series E | 2020 | 200 million USD | DST Global (Unicorn round) |
| Series F | 2021 | 250 million USD | Softbank Vision Fund, DST Global, Alpha Wave Global |
| Series G | 2021 | 400 million USD | Multiple investors |
Cars24 has raised over $1.3 billion in total funding across 7 rounds from investors including SoftBank Vision Fund, DST Global, Alpha Wave Global, and Falcon Edge. The company achieved unicorn status in November 2020 with a $200 million Series E funding round led by DST Global, achieving a post-money valuation of $1 billion. The current valuation stands at $3.3 billion as of 2026.
Revenue and Recent Performance
Cars24’s financial trajectory shows strong growth momentum. The company reported operating revenue of Rs 5,530 crore in FY23 and increased to Rs 6,917 crore in FY24, representing 25 percent year-on-year growth. Based on estimates, the company generates approximately $930 million in annual recurring revenue as of 2025.
The company processed over 1 million vehicle transactions and served over 1 million customers as of 2023. However, Cars24 has not yet achieved consistent profitability. Q3 FY26 showed narrowed adjusted EBITDA losses at Rs 200 crore with 27 percent revenue growth, indicating progress toward profitability. The company is targeting breakeven within the next fiscal year.
Cars24 vs Competitors
| Competitor | Founded | Business Model | Positioning |
|---|---|---|---|
| Traditional dealerships | Ongoing | Offline used car sales | Limited geographic reach, high overhead |
| Maruti Suzuki | 1981 | New cars and certified pre-owned | OEM backed, limited used car focus |
| Mahindra First Choice | 1995 | Organized used car retail | Limited inventory, regional presence |
| CarTrade | 2009 | Online marketplace, B2B focus | B2B dealer focused, less B2C strength |
| VAHAN | Recent | Online marketplace | Newer entrant with smaller scale |
Cars24’s key competitive advantages include technology-driven valuation, transparent pricing, national presence across 200 cities, financial services integration, and investor backing providing capital for inventory and expansion. Traditional dealerships lack digital infrastructure and scale. CarTrade focuses more on B2B dealer transactions while Cars24 emphasizes B2C consumer transactions. The used car market in India was valued at $31.62 billion in 2024 and projected to reach $63.87 billion by 2029, with a CAGR of 15.10 percent, providing significant growth opportunity.
Current Role and Recent Moves
Vikram Chopra continues as CEO and Co-Founder of Cars24. Mehul Agrawal, Co-Founder and COO, stepped down in April 2026 amid senior-level exits, with Chopra strengthening his operational control. In June 2026, Infosys CFO Jayesh Sanghrajka joined Cars24’s board as an independent director, signaling IPO preparation.
Recent strategic moves include:
- Launch of Cars24 Labs in June 2026 with $20 million commitment to AI products and startup investments
- Expansion into new cars segment with digital platform
- Pre-delivery inspection service launch
- Acquisition of used machinery e-commerce platforms to expand categories
- International expansion to UAE, Australia, and Thailand
Cars24 has publicly expressed plans for a future stock market listing, with the company preparing infrastructure and governance for public markets.
Key Takeaways
- Vikram Chopra founded Cars24 in 2015 after a failed furniture venture, applying lessons learned from supply chain management.
- Cars24 achieved unicorn status in just 5 years (2020), one of India’s fastest unicorn rides in automotive.
- The company has processed over 1 million vehicle transactions and serves 1 million plus customers across 200 cities.
- Revenue grew 25 percent year-on-year from Rs 5,530 crore in FY23 to Rs 6,917 crore in FY24.
- Mahendra Singh Dhoni’s investment and brand ambassador role elevated market credibility significantly.
- Cars24 is the first Indian auto-tech company to expand internationally to multiple countries.
- Financial Services vertical through NBFC licensing creates multiple revenue streams and improves unit economics.
FAQs
Who founded Cars24?
Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal co-founded Cars24 in 2015.
When did Cars24 achieve unicorn status?
Cars24 became a unicorn in November 2020 with a $200 million Series E funding round led by DST Global, achieving a $1 billion valuation.
What is Cars24’s current valuation?
Cars24’s valuation stands at $3.3 billion as of 2026.
How much total funding has Cars24 raised?
Cars24 has raised over $1.3 billion in total funding across 7 rounds from major investors including SoftBank Vision Fund and DST Global.
What was Cars24’s revenue in FY24?
Cars24 reported operating revenue of Rs 6,917 crore in FY24, up 25 percent from Rs 5,530 crore in FY23.
Is Cars24 profitable?
Cars24 has not achieved consistent profitability but is narrowing losses. Q3 FY26 showed adjusted EBITDA loss of Rs 200 crore with strong 27 percent revenue growth.
How many transactions has Cars24 processed?
Cars24 has processed over 400,000 transactions and served over 1 million customers as of 2023-2024.
Who is Mahendra Singh Dhoni’s role at Cars24?
Mahendra Singh Dhoni is an investor and brand ambassador for Cars24, having invested during a funding round in 2019.
In which countries does Cars24 operate?
Cars24 operates in India, UAE, Thailand, and Australia, with India being its primary market.
What is Cars24’s IPO timeline?
Cars24 has indicated plans for a future IPO but has not announced a specific timeline. Leadership changes and recent appointments suggest preparation for public markets.
Sources
- StartupTalky: https://startuptalky.com/cars24-success-story/
- Wikipedia: https://en.wikipedia.org/wiki/CARS24
- Founderland: https://www.founderland.ai/founder/vikram-chopra
- GetLatka: https://getlatka.com/companies/cars24.com
- Tracxn: https://tracxn.com/d/companies/cars24/
- Business Standard: https://www.business-standard.com/article/opinion/in-the-fast-lane-meet-vikram-chopra-co-founder-and-ceo-cars24-121110501209_1.html
- Ascendants: https://ascendants.in/the-ascendants/vikram-chopra-built-rs-28000-crore-cars24-after-early-failure/
©️ The Founder Nation | Written by TFN Research Desk
