Cars24, a used automobile marketplace in Delhi NCR, has released a revolutionary super app that unites all of its car-related services on one platform. In addition to celebrating its ninth anniversary, the move is a major step toward the startup’s goal of becoming the “world’s largest auto super app.” With a wide range of services covering every facet of car ownership, the app’s main feature, “Orbit,” claims to completely transform how users manage their cars. This article examines the possible effects of this calculated decision on the used automobile market, Cars24’s operations, and the automotive sector as a whole.
Credits: Inc 42
Orbit: A Holistic Approach to Car Management
“Orbit,” an auto management system created to satisfy the changing needs of car owners, is the central component of the new super app. A dashboard for monitoring Pollution Under Control (PUC) certificates, challans, insurance, and service history are just a few of the many functions that Orbit provides. Users can also access services like automobile shredding, on-demand drivers, maintenance, and document storage in a secure vault.
Cofounder of Cars24 Gajendra Jangid remarked, “Everything about ‘Orbit’ is painstakingly designed to revolve around your needs, ensuring a seamless journey whether it’s keeping up with your car’s valuation, managing maintenance schedules, or renewing insurance.”
This holistic approach not only simplifies car ownership but also enhances the user experience by integrating various services into a single platform. For car owners, this means less hassle, better management of their vehicles, and potentially higher resale values.
Expanding the Service Ecosystem
Cars24’s ambition doesn’t stop at Orbit. The startup plans to update the super app with over 40 additional services in the near future. This expansion could include everything from new car sales to more specialized services, further broadening its reach and appeal. The ability to buy and sell new cars through the app could be a game-changer, positioning Cars24 as a one-stop-shop for all automotive needs.
Cars24 is expected to draw in a wider clientele by providing a range of services under one roof, including users who would have only utilized the site for used car sales or purchases in the past. Cars24’s position against rivals like CarTrade, CarDekho, Spinny, and Droom—which provide comparable services but do not yet have such an integrated ecosystem—is further strengthened by this action.
Potential Impact on the Used Car Market
Both in India and outside, the used automobile market may be significantly impacted by the release of Cars24’s incredible app. Cars24 operates in markets such as Australia and the UAE, therefore the release of the super app in these areas has the potential to redefine the worldwide standard for used car transactions.
The super app may facilitate a more seamless and reliable used car buying and selling experience by providing consumers with never-before-seen levels of ease and transparency. The instantaneous valuation tool and its smooth integration with other services have the potential to accelerate transactions and improve prices for sellers.
On the business side, Cars24’s super app could drive increased customer retention and loyalty. By offering a suite of services that cater to all stages of car ownership, the company can maintain long-term relationships with customers, from the moment they purchase a vehicle to when they decide to sell it.
Preparing for an IPO: A Strategic Move
Cars24 is getting ready for a possible IPO, which is why the firm is launching this amazing app. The company is moving internally toward going public, according to Jangid, even though no firm date has been established. In order to support the company’s financial success and market valuation prior to an IPO, the super app can be extremely important.
Cars24’s financial situation has significantly improved even though it is still a losing company. The corporation reported a 32% decrease in losses for the fiscal year 2022–2023, going from $248 million in FY22 to $168.3 million in FY23. Additionally, revenue increased by 16% to $930.3 million.
Through promoting growth in both current and new markets, the release of the super app may further improve Cars24’s financial metrics. Orbit and other soon-to-be services may provide value, which might result in more transactions, more engaged customers, and eventually more revenue.
Conclusion: Paving the Way for the Future
The incredible software from Cars24 is a daring and avant-garde advancement for the used car market. The company is establishing itself as a leader in the global automobile sector and improving the customer experience by combining a variety of services into a single platform. Cars24’s super app may prove to be a major factor in the company’s future success as it continues to grow its service offerings and gets ready to go public.
