“We plan to add more than 40 such services in the future… at some point, which will also include the sale of new cars,” he said.
Jangid said the company currently has a gross merchandise value (GMV) of $1 billion. In FY23, its operating revenue grew 7.7% year-on-year to Rs 5,535 crore.
“We have a lot more services than before… while these are not high GMV businesses, they are segments with better margins,” he said.
Most of the ancillary services being offered are being built in-house, leveraging the company’s existing infrastructure, he said.
Cars24 It has a non-banking financial company (NBFC) that has disbursed over Rs 3,000 crore in loans for used cars. Jangid said the interest rate charged by the company is higher than that for new cars, given the difference in the risk profiles of used car buyers compared to those of new car buyers.
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“We are the market leader in used car sales… but the market is still largely unorganised. The market is around $23 billion in size and is growing at a compound annual rate of 15-20%. At this rate, it is expected to reach $100 billion in the next ten years,” Jangid said, adding that currently, for every new car sold, 1.5 used cars are sold in the market.
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