Cars24 Gives Up Indonesian Used Car Market Due to Tight Competition
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.