Online used-car platform CARS24 is gearing up for an IPO as it prepares to tap into the next level of growth opportunities in the domestic market, Co-Founder Gajendra Jangid said on Monday. The Gurugram-headquartered firm, which has already crossed USD 1 billion in turnover, expects the domestic used-car market to cross USD 100 billion mark over the next ten years.

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"IPO is a milestone and a stepping stone in our journey. We are gearing up for it internally. I am not laying any roadmap for...By when we will go for the IPO. But the progress is being made in that direction," Jangid told reporters here.

Elaborating on the growth potential of the Indian used-car market, he stated that car ownership in the country remains low as compared to various developed geographies including China and the US.
Jangid noted that the used-car segment was growing faster than the new car sales in the country with strong demand emanating from Tier II and III cities and towns.

He noted that the company is yet to reach break-even level and the focus remains on introducing new products and technologies and scale new business verticals like car-servicing and sales of accessories and spare parts.

CARS24 said it has upgraded its app to revolutionise car ownership, seamlessly integrating a wide range of services under one roof.

The app, which now comes with a new feature Orbit, covers buying, selling, financing a car to on-demand driver services, insurance, repair and maintenance RTO assistance, FasTag, service history record, and even car-scrapping, it added.

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