Vikram Chopra, originally from Rae Bareli in Uttar Pradesh, has emerged as a prominent figure in the business world. Chopra pursued his studies at IIT Bombay, where he obtained both a Bachelor’s and Master’s degree in engineering between 2001 and 2006. Following his graduation, he began his career as an analyst at McKinsey & Company, where he worked for three years before moving on to Sequoia Capital as an investment analyst.
In 2012, Chopra launched a startup named FabFurnish in the home decor industry. However, despite three years of dedicated effort, the venture did not succeed. Undeterred, he decided to pursue his next significant idea.
In 2015, Vikram Chopra founded Cars24, identifying a gap in India’s used car market. At the time, buying or selling a used car was heavily reliant on agents. Chopra aimed to create an organised platform to streamline the process and enhance transparency.
Cars24 offered sellers the option to sell their cars directly to verified buyers, featuring benefits such as faster payments, hassle-free registration certificate transfers, and accurate car valuations powered by artificial intelligence.
Within its first year, Cars24 secured Rs 32 crore in funding and expanded to Delhi-NCR, Mumbai, and Bengaluru. By the end of 2015, Cars24 had established 50 branches in 12 cities and sold over 100,000 cars.
By 2018, Cars24 raised an additional Rs 340 crore from investors like Sequoia Capital, reaching a valuation of Rs 1,740 crore. Despite facing competition from larger players such as OLX, Droom, and Mahindra First Choice, Chopra propelled the company forward by introducing new features like quick payments, home services, and B2B auctions for dealers.
Cars24 transformed the Indian used car market into a Rs 28,000 crore enterprise. The company introduced the concept of ‘sell your car in one visit’, reducing the need for multiple visits to complete a sale. Indian cricketer Mahendra Singh Dhoni was brought on board as the brand ambassador.
The company also expanded to international markets, including the UAE, Australia, and Southeast Asia. Cars24 now sells 150,000 cars annually, generating revenue of Rs 2,270 crore. In 2017, Cars24 raised Rs 1,510 crore from DST Global and became the first Indian unicorn in the used car sector. The platform now commands a 65% share of India’s organised used car market, with over 15 million app downloads, 200+ branches across 200 cities, and monthly transactions exceeding 200,000.
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