Cars24 acquires Team-BHP to enhance auto ecosystem
04/27/25, 5:42 PM
Location
gurugramgurgaonIndustry
information technology
software
automotive
Cars24 has acquired Team-BHP, India's largest automotive platform, as part of a strategy to create a more trustworthy auto ecosystem in the country. The decision comes amid cost-cutting measures that resulted in over 200 layoffs at Cars24. CEO Vikram Chopra emphasized the significance of this acquisition in improving the automotive buying experience.
Company Info
Location
Gurugram, Haryana, India
Company info
The investment values Cars24 at $1.84 billion post-money, the company said, making it one of the more valuable privately-held used car startups globally. When Cars24 first started out in 2015 in India, Chopra said, it faced the added issue (or opportunity?) of a tricky economic landscape with very low car ownership penetration overall — just 2%, or 2 cars per 100 people, compared to typically between 50 and 80 cars per 100 people in Europe. Cars24 is active in 130 cities in India, and it has sold 400,000 vehicles to date (both cars and motorbikes) with upwards of 13 million monthly visitors on its site.