Cars24, which is a Gurgaon based online a marketplace for the trading of cars, has now revealed a strategic partnership with the former and international cricketer captain of India Team, MS Dhoni. This is to elevate and strengthen the brand as it even continues to expand across the different market.
As a part of this new collaboration, MS Dhoni will even own equity in the Cars24 and will even act as a brand ambassador for the startups. The investment round is a part of a funding round of Series D.
Mahendra Singh Dhoni said,
“I am thrilled to be part of the CARS24 journey. Besides being a fan of all things to do with cars, I am also a fan of new-age companies that are disruptive, innovative, and shaping the future. CARS24 is definitely one of these companies. They have big ambitions, and I am excited to work with them and help them achieve their goals.”
The company which is founded by the Vikram Chopra and Mehul in the year 2015. Carrs24 follows a model with the customer to the business. It buys cars from the individuals and sells to the dealers. Apart from the trading of cars, Cars24 enables an end to end transactions and charges some sort of commission for each and every transaction.
The company has also recently revealed to foray into the franchise model and even tends to scale up its presence in more than 300+ cities by the end of 2021.
“We are very excited to welcome Mahi into the CARS24 family. His ability to constantly evolve, innovate, and find solutions to every problem thrown at him over the years have made him the most celebrated captain in Indian history. It’s the same values that we live by at CARS24 and, therefore, the partnership felt natural and perfect. We also share a common love for cars, which makes this even more special.”
In the month of April 2019, the startup has also secured a seed funding of INR 77.58 crore from the global Car Group, and after that, it has been valued at $250 million.
Apart from the online channel, the company also has its offline presence with more than 35+ cities and 200 branches. It is funded by some of the famous investors which include the DST Global, KCK Investment Firm, Kingsway Capital.
“We already have a huge customer base in the used car industry and plan to engage them further by offering our services from 1,000+ branches in the next few years. We believe that our association with one of India’s finest cricketers Dhoni will go a long way in helping us create awareness about the brand and its offerings,” added Gajendra Jangid, Co-founder and CMO of CARS24.
As of now, the Cars24 competes with the companies like the NDTV Auto, Olx, Gaadi.com, CarTrade, Droom, Quikr Auto and CarDekho.