Cars24 Gives Up Indonesian Used Car Market Due to Tight Competition

Falling car market

Cars24, an India-based marketplace for used vehicles, has shut down its operations in Indonesia and Saudi Arabia on May 3, 2023. Cars24 Co-founder Vikram Chopra said that the company had planned to exit these markets for months. Cars24 will now focus on its core markets: India, Australia, Thailand, and the United Arab Emirates.

Cars24, an Indian unicorn startup, entered Indonesia and Thailand in Mar 2022. However, the company reported a US$248 million loss in the 2022 fiscal year, a ninefold increase from the previous year. The company expenses outpowered its revenue during that period.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.