SoftBank-backed Cars24 eyes small towns to sell used cars in India

The company more than doubled its India revenue in 2022 to Rs 6,008 crore from Rs 2,776 crore in 2021

Cars24, an e-commerce platform for pre-owned vehicles, has set a target to reach 1,000 cities in a few years as the pandemic has accelerated the shift to buying used cars in India.

The SoftBank-backed firm is planning to scale up its services in smaller cities and towns, where it is seeing an increasing demand for its pre-owned vehicles.

“If you want to catch the lion's share of the used-car market and be present in Bharat, it is a must to (tap) these smaller cities and towns,” said Gajendra Jangid, co-founder and chief marketing officer of Cars24, in an interview. “Right