Deepti Sri · · 1 min readCars24 to go up against Carro, Carsome in SEA
India-based used-car marketplace Cars24 is set to compete against Singapore’s Carro and Malaysia’s Carsome as it expands into Southeast Asia with the launch of its operations in Indonesia in 2022, Nikkei Asia reported.
SoftBank-backed Cars24 will invest US$100 million to fuel its expansion plans into newer international markets, after its foray into Australia and the United Arab Emirates in June.
Cars24 aims to simplify the used car-selling process for its users by facilitating paperwork, including the transfer of certificates of registration, and enabling end-to-end transactions. It also sells pre-owned cars to businesses across India via its auction platform.
See also: Carsome and Carro: A neck-and-neck race to transform how people buy cars
The company will use the earmarked funds to build a strong supply of cars for the platform and a create a workshop to recondition used cars.
It will make its debut in two of Southeast Asia’s largest markets, Thailand and Indonesia, before branching out into the rest of the region.
Editing by Collin Furtado and Jaclyn Tiu
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