Used-car marketplace CARS24 has made a significant move by acquiring the vehicle information and management platform CarInfo. This acquisition marks the Gurugram-based company’s second purchase in a year, following its takeover of the automotive community platform Team-BHP. The integration of CarInfo and its companion app BikeInfo into the CARS24 ecosystem is expected, yet both platforms will maintain their independence with their current teams.
Highlights
Focus on Simplifying Vehicle Management
CarInfo is dedicated to making vehicle-related information more accessible, covering essential aspects like registration details, insurance status, pollution certificate validity, challans, FASTag status, and other compliance necessities. These areas often create challenges for vehicle owners due to disjointed data systems.
Vision of Simplified Vehicle Ownership
CARS24 founder and CEO Vikram Chopra highlighted that many typical vehicle ownership problems stem from minor oversights rather than significant failures, such as expired documentation or hard-to-access records. He noted that CarInfo was developed from the understanding that managing vehicles, both cars and bikes, can be intricate. The platform alleviates this challenge by providing necessary information rapidly and with minimal effort from users.
Investment Details and User Growth
While CARS24 has yet to publish the official value of the deal, MediaNama has reported the acquisition at Rs 118 crore, citing a regulatory filing. Founded by Saajid Mani and his team, CarInfo has experienced steady growth over time and now caters to over 12 million active users monthly. Chopra has described the platform as one that has evolved through consistent usefulness rather than fleeting, immediate popularity, establishing itself as a reliable tool for managing everyday vehicle responsibilities.
Strategic Expansion Goals
This acquisition dovetails with CARS24’s larger objective of expanding its offerings beyond mere vehicle transactions to encompass the entire vehicle ownership lifecycle. By integrating vehicle information and compliance services, CARS24 intends to enhance customer engagement and develop a more all-encompassing platform for both car and bike owners.
Continued Growth and Future Prospects
The deal is timely as CARS24 persists in scaling its operations. In FY24, the company sold over two lakh cars and generated revenue nearing Rs 7,000 crore, all while bolstering its leadership structure and business divisions as it prepares for a potential public market listing. The company has yet to submit its FY25 financial figures.