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Founded in 2015, Cars24 announced last month that it had earmarked $100 million for investment in international markets in 2021
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It is expected to try to enter other Middle Eastern and Southeast Asian markets later this year
Cars24, an Indian-origin ecommerce platforms for pre-owned vehicles, has entered the UAE market, said local reports on Friday, July 16.
Founded in 2015, Cars24 announced last month that it had earmarked $100 million for investment in international markets in 2021.
These funds are expected be utilized to build the brand in these new international markets, create a regional supply of cars for the platform, and to set up a workshop to recondition the pre-owned cars.
Cars24, which already operates across India and recently entered the Australian market as well, will reportedly try to penetrate other Middle Eastern and Southeast Asian markets later this year.
The company has already sold close to 400,000 cars in other international markets, said the local reports, which added that it has already raised funding to the tune of $400 million till date.
The local reports quoted Cars24 Gulf Region CEO Abhinav Gupta as saying: “The UAE is known across the globe for its appetite for cars, and for early adoption of technology across industries. The growing population, and the fact that most UAE families have an average of two cars, makes this market an interesting playground for Cars24.”
He added: “Our expansion into markets such as the UAE, Australia, and Southeast Asia marks a milestone moment in the growth of Cars24 as we introduce a whole new world of cars to our new audiences.”
The reports said all cars listed on the platform go through more than 150 inspection check, are refurbished thoroughly, and undergo the stringent RTA test before they are listed online.
Every car bought from the platform comes with a seven-day return policy and two years’ warranty, said the reports.