CARS24二手车押注：FY25营收下降10%，亏损5.43亿卢比，计划6-12个月内IPO

做的是什么生意

Full-stack pre-owned-car platform: buys cars from owners at inspection centres, reconditions them, sells through retail and dealer auctions, and adds financing (Loans24), insurance and ownership services.

启动资金：Raised over $1.3B (Inc42); last big round was ~$450M in Dec 2021 at a $3.2B valuation from SoftBank, Tencent and others, with no external funding round since.

起因

Four founders — Vikram Chopra, Gajendra Jangid, Mehul Agrawal and Ruchit Agarwal — started CARS24 in Gurugram in 2015. The bet rested on a structural gap: India's used-car market processes roughly six million transactions a year, but only about one in five went through organized players, so a trusted full-stack brand could pull supply out of fragmented informal dealerships.

经过

CARS24 became a unicorn in 2020 after a $200M Series E and raised about $450M in Dec 2021 at a $3.2B valuation. India gross revenue grew 25% to ₹6,910 Cr in FY24, then fell 10% to ₹6,233 Cr in FY25 with the net loss widening 9% to ₹543 Cr; vehicle procurement consumed 81% of total costs. With private capital closed since 2021, investors pushed profitability: CARS24 cut hundreds of jobs, wound down spare-parts venture Inspare and servicing business FourDoor, exited Thailand, Indonesia and Saudi Arabia, and lost senior leaders including its India CEO and COO co-founder Mehul Agrawal in early 2026.

结果

Still private and running a self-described turnaround: CEO Vikram Chopra said in Jan 2026 CARS24 aims to list within six to twelve months, citing H1 FY26 adjusted net revenue up 18% to ₹651 Cr and adjusted EBITDA loss down 36% to ₹162 Cr, with December 2025 its strongest-ever month. As of June 2026 no DRHP had been filed.

可借鉴之处

全栈模式买来主导权，却每辆车要花双倍的钱。当私募资本枯竭时，营收和亏损都转向不利，直到高利润率的服务撑起模式。