CARS24 Achieves Profitability in Just Over 1000 Days of Launch in UAE

Dubai, 16 December 2024: CARS24, the leading global e-commerce platform for pre-owned vehicles that launched its operations in the UAE in 2021, now has reached profitability and cemented its position as the largest player in the used car landscape. With its data-driven approach and personalised customer experience, CARS24 has successfully disrupted the traditional used car ecosystem.

An Indian auto tech unicorn company that opened its doors in the UAE during the peak of COVID-19, CARS24 has since expanded its network across India and Australia, CARS24 has digitised the process of buying and selling pre-owned cars, offering trust, convenience and transparency to thousands of customers. Boasting a 25% growth in sales since last year, the e-commerce platform has become a preferred one-stop-shop for quality used cars.

Focused on creating a strong omnichannel experience for its customers, CARS24 has risen in popularity, and this is prevalent in its growing monthly active user base, which were at 500,000 in 2023. Within 3 years of operations, the company opened its first mega refurbishment lab facility spread over 1 million square feet, completed over 50,000 transactions, opened new hubs in Dubai and Abu Dhabi, and plans to invest a significant US$100 million to further strengthen its operations and the overall used car sector in the region.

“Our journey to profitability in such a short span is a testament to the trust our customers have placed in us and the hard work of our exceptional team. This milestone reflects our unwavering dedication to simplifying car transactions and driving data-driven innovation in the auto-tech industry” said Abhinav Gupta, CEO CARS24 Arabia.

Earlier this year, CARS24 rolled out an array of new services designed to empower customers and take the brand one step closer to becoming a super app. Aimed at directly connecting private sellers with buyers, CARS24 launched its first Customer-to-Customer (C2C) service to reflect an auto marketplace-style model where customers can search for private sellers on the app, share information and connect directly to buy or sell their vehicle. The company also launched ‘Doorstep Servicing’ as an additional solution that customers can avail from the comfort of their homes allowing them to access delivering periodic car maintenance services through experienced technicians directly to their home.

In addition, the company partnered with Emirates NBD, helping car buyers to initiate their auto loan process and access valid service history at the click of a button, reaffirming their position as a trusted leader in all things auto.