Cars24, a digital used car retail platform based out of India, recently added MS Dhoni, a famous former cricket captain for the Indian national team, as an investor during a recent Series D fund raising round.
Started back in 2015 by Mehul Agrawal and Vikram Chopra, Cars24 currently boasts investment backers like Exor Seeds, Sequoia India, Kingsway Capital, and KCK.
"I am thrilled to be part of the CARS24 journey. 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.
"We are very excited to welcome Mahi into the CARS24 family. His ability to constantly evolve, innovate and find solutions to every problem thrown at him over the years have made him the most celebrated captain in the Indian history," said Chopra.
The company has previously announce that these extra funds will be used to update their technologies to ensure their platform is reliable for consumers to use.
"We already have a huge customer base in the used car industry and plan to engage them further by offering our services from over 1,000 branches in the next few years," added Gajendra Jangid, Co-Founder and CMO CARS24.
The company also recently announced they will be shifting their efforts into a franchise business model, hoping to expand into 300 hundred new markets by 2021.
Recently, as several factors have affected the used car market within India, the company has had to close several of their stores as the company begins to address these issues.
Recently, Cars24 announced they were going to address the "anomalies observed with a few properties" after several reports emerged that landlords around Delhi were sending in legal notices to the company for not paying rent and shutting stores without notice.
"We conduct periodic internal audit of all properties for compliance and are currently in the process of addressing anomalies observed with a few properties in our recent audit," Jangid had told IANS.
Currently Cars24 has around 200 locations including retail branches and offices.
"We are planning to be present in 70 cities with 230 branches by 2019," Jangid had said,
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