CARS24 Eyes IPO Amidst Rapid Growth In India's Used-Car Market

CARS24 IPO: CARS24 has already surpassed the $1 billion turnover milestone and anticipates the Indian used-car market will reach a valuation of over $100 billion within the next decade

CARS24 IPO: As part of its ongoing innovation efforts, CARS24 has upgraded its mobile app to enhance the car ownership experience.

Source : cars24.com

CARS24 IPO: Online used-car marketplace CARS24 is positioning itself for an initial public offering (IPO) as it seeks to capitalise on significant growth opportunities within the domestic market, according to Co-Founder Gajendra Jangid. With its headquarters in Gurugram, the company has already surpassed the $1 billion turnover milestone and anticipates the Indian used-car market will reach a valuation of over $100 billion within the next decade.

"An IPO is both a milestone and a stepping stone in our journey. We're making internal preparations for it," Jangid told reporters. "While we haven't set a definitive timeline, progress is actively being made toward this goal."

Jangid highlighted the immense growth potential of the Indian used-car market, pointing out that car ownership in India remains relatively low compared to developed countries like China and the US. He also noted that the used-car segment is outpacing new car sales, with significant demand emerging from Tier-II and -III cities and towns.

Despite this rapid growth, CARS24 has yet to achieve break-even. The company's focus remains on expanding its product offerings and scaling new business verticals, such as car servicing and the sale of accessories and spare parts.

As part of its ongoing innovation efforts, CARS24 has upgraded its mobile app to enhance the car ownership experience. The revamped app, featuring a new tool called Orbit, offers a comprehensive range of services, from buying and selling cars to financing, on-demand driver services, insurance, repair and maintenance, RTO assistance, FasTag, service history records, and even car scrapping.

"We're not just transforming car transactions; we're elevating them into experiences," Jangid said.

Saraswati Saree Depot IPO Gets Fully Subscribed On Day 1 

The initial public offering (IPO) of Saraswati Saree Depot, a prominent player in the wholesale saree market, saw strong demand on its opening day, being subscribed over four times on Monday.

The Rs 160-crore share sale attracted bids for 4,37,44,950 shares against an available 1,00,00,800 shares, resulting in an oversubscription of 4.37 times, according to NSE data.

The non-institutional investors' quota was oversubscribed by 12.62 times, while the Retail Individual Investors (RIIs) category saw a 5.39 times subscription. The Qualified Institutional Buyers (QIBs) portion received a 1.19 times subscription.

The IPO includes a fresh issue of up to 64,99,800 equity shares and an offer for sale of up to 35,01,000 equity shares. The price range for the offer is set between Rs 152 and Rs 160 per share.