This would include establishing 200 new branch locations the newest of which the company announced will open very soon in Bhubaneshwar, Odisha.
Cars24 is an auto retail platform that allows consumers to sell or buy their vehicles. The company will sell vehicles it purchases through its own auto auction platform to used car businesses throughout India.
Cars24 recently revealed that during the last year the company was able to expand from 100 branches and city locations to 200 locations, which followed an expansion from 18 locations to 73 branches in 2018.
"Given our expansion plan in 2020, we will be adding approximately 200 more branches, perhaps adding 100 more cities to our entire portfolio," said Gajendra Jangid, Co-Founder and Chief Marketing Officer, Cars24 said.
Jangid also mentioned that the company's focus would be on cities considered to be tier IV or III towns as the company grows.
"There is a long trail of tier-III and IV towns, where we are not present yet. We are going to go aggressively in tier-III, tier-IV towns," he added.
He also recognized that Cars24 is conducting around 15,000 auto transactions every month which includes both selling and purchasing cars.
Jangid also stated that the majority of vehicles tend to come from tier I cities, but demand is mainly coming from tier II and III cities.
"Approximately 30-40 percent of the cars which we buy in metros end up going to tier-II and tier-III cities," he said.
Cars24 counts Exor Seeds, Apoletto, Kingsway Capital, Sequoia India, and KCK as its current investors.