Vikram Chopra’s story is an inspiring story. He co-founded CARS24 in August 2015 alongside Mehul Agrawal, Gajendra Jangid, and Ruchit Agrawal, with a vision to digitize the pre-owned vehicle market. Based in Gurugram, India, CARS24 has since grown into a multi-billion-dollar auto-tech unicorn, valued at approximately $3.23 billion (as of February 2022). The company serves customers across India, the UAE, Thailand & Australia with over 2,400 employees and a robust network of branches and channel partners, offering a transparent, tech-first ecosystem for buying, selling, financing, and exchanging used vehicles .
Basic Details
Origin Country | India |
Legal Name | CARS24 Services Private Limited |
Brand | CARS24 |
Founder | Vikram Chopra |
Co-Founder | Sankar Bora, Sourjyendu Medda, Rajat Shikhar |
CEO | Mehul Agrawal, Gajendra Jangid, Ruchit Agarwal |
Industry | E-Commerce |
Website | www.cars24.com |
Year of Founding | 2015 |
Valuation | ~$3.23 billion (Feb 2022) |
Employees | ~2,473 (June 2023) |
Headquarters | Gurugram, Haryana, India |
Status | Active |
FOUNDER OVERVIEW – VIKRAM CHOPRA
➤ Net Worth (2025)
As of 2025, Vikram Chopra’s estimated net worth is between $150–200 million, largely driven by his equity in CARS24 and successful exit from FabFurnish.
➤ Ownership in Company
Vikram holds a significant stake in CARS24 and continues to lead the company as CEO, overseeing its operations in India and international markets including the UAE, Australia, and Southeast Asia.
➤ Ventures Founded
- FabFurnish (2012): Co-founded with Mehul Agrawal; exited in 2017
- CARS24 (2015): Flagship venture that transformed India’s used car market
➤ Investments
Vikram has invested in and mentored several startups across mobility, fintech, and SaaS. He is known for advocating second-chance entrepreneurship and product-led growth.
➤ Recognition & Awards
- Featured in Forbes India Tycoons of Tomorrow
- Recognized by ET Auto and Startup India Awards
- Speaker at TechSparks, YourStory D2C Summit, and Auto Tech World
PERSONAL STORY: VIKRAM CHOPRA
Vikram Chopra grew up in India with a strong inclination towards solving real-world problems through technology. After graduating from IIT Bombay, he went on to pursue an MBA from the Wharton School, University of Pennsylvania. His career began with stints at Sequoia Capital and the Boston Consulting Group (BCG), where he gained deep exposure to business strategy, venture capital, and the startup ecosystem.
In 2012, Vikram co-founded FabFurnish, one of India’s first online furniture retailers. Although FabFurnish initially gained traction, it eventually lost out to deeper-pocketed competitors. Vikram exited the venture in 2017, having learned hard lessons about scale, capital discipline, and business model alignment.
Rather than stepping away from entrepreneurship, he regrouped with co-founder Mehul Agrawal and launched CARS24 in 2015. The inspiration came from his own experience selling a car—it was slow, uncertain, and fragmented. Vikram envisioned a tech-led, data-driven platform that could bring trust and transparency to India’s massive used vehicle market.
Starting with a small team in Gurugram, CARS24 tackled deep-rooted inefficiencies—digitizing paperwork, standardizing pricing, building logistics for pick-up and delivery, and offering instant loan options. Vikram led with a bold mindset: not just to build a marketplace, but an ecosystem. Over time, CARS24 added services like vehicle refurbishment, financing, insurance, and doorstep delivery.
Vikram is known for his product obsession, cross-functional leadership, and global ambition. Under his leadership, CARS24 expanded into international markets including the UAE, Australia, and Thailand—making it India’s first auto-tech export brand.
His story is not just one of building a unicorn—it’s about rebounding from a failed venture, understanding what scale truly demands, and putting customer experience at the heart of a billion-dollar platform.
FOUNDING STORY: CARS24
Inspiration Behind the Idea
The seed for CARS24 was planted when Vikram Chopra personally struggled to sell his used car. The process was opaque, fragmented, and deeply inefficient. Recognizing that India’s used car market was vast but lacked structure, he envisioned a tech-first platform that could simplify the end-to-end process of selling, buying, financing, and delivering used vehicles.
Founding Team
In 2015, Vikram Chopra partnered with Mehul Agrawal (co-founder of FabFurnish), Gajendra Jangid, and Ruchit Agrawal to launch CARS24. The founding team brought a blend of startup grit, operations know-how, and customer-first design.
Starting Capital
The company started lean, initially bootstrapped by the founders. Early funding came from angel investors and seed-stage VCs impressed by the market size and execution clarity. Within a year, CARS24 began expanding across cities and raised Series A to accelerate operations.
Early Challenges
- Consumer Trust: Convincing sellers to let go of their cars via a website
- Dealer Network: Building a pan-India network of verified dealers
- RC Transfers: Streamlining government paperwork, a major friction point
- Logistics: Creating infrastructure for car inspections, pick-ups, and doorstep deliveries
CARS24 addressed these with digitized ownership transfers, AI-based pricing, 24-hour payment promise, and a growing in-house logistics arm.
Breakthrough
By 2017, CARS24 became the go-to platform for used car sellers, driven by its “sell your car in 24 hours” promise. Its auction model—where thousands of dealers bid for a listed vehicle—maximized price discovery and seller confidence.
Adding auto loans and vehicle inspection centers turned CARS24 into a one-stop-shop. By 2020, they launched in the UAE, proving that their model could scale globally.
In 2021, CARS24 became a unicorn and by 2022, reached a valuation of $3.23 billion. Today, it operates across India and multiple international markets with a diversified business model covering cars, bikes, finance, and servicing.
CARS24 is not just a marketplace—it’s a mobility ecosystem, built from the ground up by a founder who learned the hard way and executed smarter the second time around.
COMPANY PROFILE: CARS24
CARS24 is India’s largest tech-enabled platform for buying, selling, and financing used vehicles. It offers a seamless end-to-end experience, leveraging AI for pricing, in-house logistics for car pickup and delivery, and digital tools for documentation, loans, and insurance. The company operates in over 100 Indian cities and has expanded globally to the UAE, Australia, and Southeast Asia.
Area Served
- India: Pan-India presence in 100+ cities
- International Markets: UAE, Australia, Thailand
- Online Reach: Nationwide via mobile app and website
Vision & Mission
Vision: To be the most trusted and innovative platform for vehicle ownership and mobility.
Mission: To simplify vehicle transactions using technology, data, and customer-first innovation across buying, selling, financing, and ownership.
Services / Products Offered
Used Car & Bike Sales
- Certified pre-owned cars and two-wheelers
- Doorstep test drive and delivery
- 7-day trial and return option
Sell Your Vehicle
- Instant vehicle inspection and online listing
- AI-driven pricing engine
- Auction-based buyer network (10,000+ dealers)
Vehicle Financing & Loans
- In-house NBFC offering instant loan approvals
- Digital KYC, real-time EMI plans
- Loans available for buyers and refinancing for owners
RC Transfer & Paperwork
- Online processing of ownership transfer
- RTO services and document pickup
Vehicle Servicing & Warranty
- On-demand vehicle servicing in select cities
- Extended warranty and insurance integration
Business Model
CARS24 operates a full-stack marketplace model, monetizing across the entire vehicle lifecycle:
- Seller-to-dealer model for used car sales
- Direct-to-consumer certified pre-owned inventory
- In-house NBFC and insurance revenue
- Logistics and RC transfer as paid value-add services
Revenue Model
CARS24 operates a multi-revenue stream model built around the full vehicle lifecycle—from discovery to ownership to resale. It blends marketplace commissions with embedded financial services and paid after-sales offerings, giving it a strong mix of one-time and recurring revenue sources.
1. Commission on Vehicle Sales
Seller Side:
Charges a transaction fee (flat or percentage-based) from individuals selling cars or bikes via the platform.
Dealer Side (Auction Model):
When vehicles are sold to verified dealers via the auction system, a success fee is charged per unit.
Direct Retail (B2C):
CARS24 buys, reconditions, and sells vehicles directly to customers, earning retail margins similar to used car dealerships.
Contribution: ~50–60% of total revenue
2. Vehicle Financing (In-House NBFC)
Operates a registered NBFC that provides used vehicle loans directly through the platform
Revenue comes from:
Loan origination fees
Interest income
EMI-based servicing margins
Pre-approved digital loans boost conversion and buyer affordability, especially in Tier 2/3 markets.
Contribution: ~15–20% of revenue (and growing fast)
3. Insurance Commissions
Offers car insurance bundled during the checkout process
Revenue generated from partnerships with leading insurers through:
Commission on policy issuance
Renewal margins for bundled services
Contribution: ~5–10% of revenue
4. RC Transfer, Documentation & Paperwork
Digitized vehicle ownership transfer handled in-house
Charges customers a fee for:
RC transfer
RTO paperwork and pickup
FASTag activation, e-Challan clearance, etc.
Contribution: ~5–7% of revenue
5. Logistics & Delivery Fees
Doorstep delivery of vehicles (test drives and post-purchase)
Charges based on distance, city tier, and optional services like pre-delivery inspection
Revenue comes from last-mile logistics charges and premium delivery upgrades
Contribution: ~5% of revenue
6. Vehicle Servicing & Warranty Add-ons
Customers can purchase:
Extended warranties
AMC (Annual Maintenance Contracts)
Scheduled service packages
Revenue from bundled and standalone service sales
Contribution: ~3–5% of revenue (emerging channel)
7. Refinancing, Buyback & Trade-In
Offers vehicle buyback guarantees and upgrades
Revenue through residual value arbitrage and dealer tie-ups
Trade-in vehicles may re-enter CARS24’s retail loop, creating a resale cycle
Market Landscape & Competitors
Competes with Spinny, CarDekho, OLX Autos, and Carsome (SEA). Its edge lies in platform maturity, financing arm, global reach, and vertical integration.
USP (Unique Selling Proposition)
- 7-day trial/return guarantee
- Pan-India and international reach
- Own NBFC for financing
- Complete digitization of the buying/selling journey
- High-trust logistics and inspection services
Growth Highlights
- Unicorn in 2021
- ₹6,980 crore revenue in FY24
- 600,000+ vehicles sold
- Over 1 million app downloads
- Active international presence across 3 countries
Funding & Investment History
- Raised $1.08 billion across 12 funding rounds from:
- DST Global
- Alpha Wave
- Sequoia Capital
- Exor Seeds
- SoftBank Vision Fund
Awards & Recognition (Company)
- Startup of the Year – AutoTech (ET Auto Awards)
- YourStory Mobile Innovation Leader
- Featured in Forbes India Startup 50
Team Size & Culture
~2,500 employees with strong teams in tech, operations, customer service, and logistics. Known for high execution speed, culture of ownership, and product obsession.
Future Plans
- IPO expected by FY26
- Deepening footprint in Australia and Southeast Asia
- Launch of EV resale category
- AI-powered pricing engine upgrade
- Expand after-sales and servicing revenue channels
CONCLUSION
“We’re not just helping people buy or sell cars. We’re reengineering the entire journey of vehicle ownership—with trust, technology, and transparency.”
—Vikram Chopra, AutoTech Forum (2023)
Vikram Chopra’s journey with CARS24 is a textbook example of second-time entrepreneurship done right. After the learnings from FabFurnish, he returned with sharper focus, deeper empathy, and a big vision—to transform how India buys and sells vehicles. From auctions to doorstep delivery, loans to RC transfers, he built CARS24 as a mobility ecosystem, not just a marketplace. With global expansion and IPO ambitions on the horizon, Vikram’s story stands as proof that resilience, data-driven thinking, and relentless customer obsession can create billion-dollar outcomes in even the most unstructured markets.