The four engines that propelled the rise of Cars24, India's latest unicorn

Co-founders of India's latest unicorn expected Covid-19 to be a speed breaker; instead it accelerated sales

On reflection, Ruchit Agarwal, co-founder and chief financial officer of Cars24, wonders if they could have dreamt bigger. “The Indian used-vehicle market as a whole is worth $50 billion. When we started out in 2015, we didn’t realise that. Along the way, as we leapfrogged ahead, we came to the conclusion that we had underestimated the scale,” he says. 

Agarwal is in a privileged position to say so because Cars24, in a short span of five years, has already achieved unicorn status. The tag became official on Tuesday, after billionaire Yuri Milner’s DST Global invested $200 million in the company.