Jofie Yordan · · 1 min readCars24 shuts down operations in Indonesia, Saudi Arabia (update)
Rizqi Maulana co-reported this story.
Photo credit: Cars24
Cars24, an India-based marketplace for used vehicles, shut down its operations in Indonesia on May 3, according to employees affected by the decision.
Sources told Tech in Asia that the closure affected about 100 employees in the country.
In a statement, Cars24 co-founder and CEO Vikram Chopra confirmed that the company has pulled out of Indonesia and Saudi Arabia following “months of deliberation.”
He said Cars24 will be prioritizing its core markets, which are India, Australia, Thailand, and the United Arab Emirates. However, he didn’t specify how many employees were retrenched.
The Indian unicorn expanded to Indonesia and Thailand in March 2022 but laid off 600 employees just two months later.
In its 2022 financial year, Cars24 recorded losses of US$248 million, a 9x increase from the previous year. Its expenditures grew faster than its revenue at the time.
The company was founded in 2015 by Chopra, Ruchit Agarwal, Gajendra Jangid, and Mehul Agrawal. Its platform lets users buy, sell, and finance pre-owned cars.
According to Crunchbase, Cars24 has raised about US$1.3 billion in total funding to date.
Update (May 4, 5:40 p.m. SGT): This article was updated to include an official statement from Cars24 CEO and co-founder Vikram Chopra.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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