Cars24 Shuts Shop In Indonesia & Saudi Arabia To Focus On India Op

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Indian online used car marketplace Cars24 has decided to shut down its operations in Indonesia and Saudi Arabia, and will instead focus on its domestic operations. Cars24 co-founder and CEO Vikram Chopra said that the decision was taken to prioritize the Indian market, which has significant potential for growth. The company had launched operations in Indonesia in 2019 and in Saudi Arabia in 2020, but has struggled to gain a foothold in those markets due to regulatory and market challenges. Cars24 is India’s largest online used car marketplace and raised $450 million in funding in November 2021 at a valuation of over $4 billion.

Cars24, a used car marketplace, has decided to shut down its operations in Indonesia and Saudi Arabia to focus on its core market in India. The company has been operating in Indonesia since 2019, but struggled to gain market share in the competitive market. Similarly, it entered the Saudi Arabian market in 2020 but faced challenges due to the COVID-19 pandemic and regulatory hurdles. Cars24’s co-founder and CEO Vikram Chopra said that the company will now channelize its resources to expand its footprint in India, where it has been witnessing strong growth in recent years. The company plans to add more categories, such as bikes and scooters, to its platform and strengthen its presence in tier-II and tier-III cities in India.