MS Dhoni who splurges on fancy cars is now looking to make money from used cars
- Cricketer Mahendra Singh Dhoni has invested in
Cars24, in its series D round of funding.
- Cars24, which had recently opened up to franchising, aims to have over 300 outlets in India in the next two years.
- It had also received an NBFC licence from the RBI to offer loans for the purchase of used cars.
However, the former Indian captain is now making to make some money out of used cars by investing an undisclosed amount into car marketplace Cars24 and will now also be the startup’s brand ambassador. The investment is a part of the startup’s series D round of funding.
“Besides being a fan of all things to do with cars, I am also a fan of new age companies that are disruptive, innovative and shaping the future. CARS24 is definitely one of these companies,” Dhoni said in a statement.
Cars24, which was founded in 2015, has grown rapidly over the years and hoped to breakeven by December 2019.
Cars24 sells over 13,000 cars every month through its platform and over 4 years has sold 1.6 lakh cars. The startup also recently opened up the doors for franchising, which will help it set-up 300 outlets in tier-2, tier-3 and tier-4 cities over the next two years.
It also has the RBI approval to offer loans for the purchase of used cars. Currently present in 35 cities and 150 branches, Cars24 plans to be in 70 cities and 230 branches by 2019.
“We only have 2% market share right now of the $30 billion used car market. In India, 5 million used cars are sold every year. Our objective is to take this number of 2% to 20% over the next 5 years,” co-founder and CEO Vikram Chopra had told Business Insider in an earlier interview.
Dhoni’s money and brand will go a long way in supporting the dream.
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