Cars24 is amongst the early entrants of the Indian tech auto industry which has revolutionised the industry and is taught about in the top B schools in India. Since its inception in 2015, the company’s growth graph had been flourishing until the pandemic hit. From a 100% profit ratio in 2019 to a 0% in April 2020, the company managed to get back to its pace after the pandemic. To rise above the Covid-19 crisis, the company came up with a revolutionary idea that as per the Cars24 team helped them get back their customers and create an even better client base. They introduced the ‘Home Inspection’ services to stay relevant during the unprecedented times and cater to people’s need for safety.
During the pandemic, abiding by the government norms, when the company had started its operations in the orange and green zones, they were strictly following the hygiene norms. From sanitising the centres every four hours, ensuring minimal contact with the customers to making sure that the staff wears the right protective gear, Cars24 has impressed its customers by taking the right measures. But, what helped the company win the comeback battle was the launch of its revolutionary ‘Home Inspection’ service.
With the home inspection service, Cars24 ensured its customers to offer a contactless car selling experience. With the launch of this special feature, the company provided safety along with offering the right value for the asset. The service included sending trained staff to conduct the business at the car owner’s place. While the test drive was conducted, the car owners were made to sit on the rear seat with the right protective gear. Furthermore, the exchange of papers, documents and car keys were offered in safety bags to avoid any direct contact. Through this service, the customers can sell their cars without visiting the Cars24 branches in person.
During the pandemic, several people wanted to sell their 2nd cars and even solo ones in order to get some extra cash. Brokers made good use of this opportunity to loot people of the money they deserve in return for their assets. Cars24 assured people that through their servies they would get the right prices and were successfully able to convince them, hence gaining back its lost market share.
With innovation and a customer-centric approach, Cars24 was able to improve its position in the market immensely. They saw impeccable growth and now Cars24 has its branches in 130+ cities along with 4x more traffic than the pre-covid scenario. Raising funds of 200 million dollars, the company is valued at more than 1 billion dollars becoming the first Indian unicorn in India’s auto segment.
From the success story of Cars24, young entrepreneurs can learn that the key to becoming a good entrepreneur is to recognise the right opportunity and capitalize on it at the earliest. With the right training from the best management institutes in India and the right entrepreneurship courses, you can excel in the startup space just as Cars24 did.
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