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Vikram Chopra Net Worth: Vikram hails from Rae Bareli, UP and he made a company of 280000000000 by selling second hand cars. Let us know how he did all this.
Vikram Chopra Cars24 Success Story: Vikram Chopra, who is from Rae Bareli in Uttar Pradesh, is now a big name in the business world. Vikram studied at IIT Bombay. Between 2001 and 2006, he did engineering and earned a degree of Bachelor and Master. After graduation, he started his career as an analyst at McKinji & Co., where he worked for three years and then joined Syston Capital as an investment analyst.
In 2012, Vikram started a startup named Fabfurnish, which was in the field of home decor. But even after three years of hard work, this venture could not succeed. After this, he decided to work on the next big idea.
In the year 2015, Vikram laid the foundation of Cars24. Recognizing a deficiency in India’s used car market, this idea came in their brain. At that time, buying or selling used cars depended on agents. Vikram began working on an organized platform to make this process easier and bring transparency.
Cars24 gave the vendors the options to sell their cars directly to certified buyers, including facilities such as the correct car valuation with the help of sharp payment, transfer of RC (registration certificate) without hassle, and artificial intelligence.
In the first year, Cars24 raised funding of Rs 32 crore and expanded to Delhi-NCR, Mumbai and Bengaluru. By the end of 2015, Cars24 opened 50 branches in 12 cities and sold more than 1 lakh cars.
By the year 2018, Cars24 raised an additional funding of Rs 340 crore from investors like Sequoia Capital and obtained an evaluation of Rs 1,740 crore. The company faced competition from big companies like OLX, DROM, and Mahindra First Choice, but Vikram pushed the company forward by introducing new features such as intensity payment, home service and B2B auctions for dealers.
Cars24 brought a revolution in the market of cars used in India and on seeing it, made it a business of Rs 28,000 crore. Cars24 launched a concept of ‘Sell your car in the same visit’ and reduced the need to come several times to sell the car. The company made Indian cricketer Mahendra Singh Dhoni its brand ambassador
It also started work in international markets like UAE, Australia and Southeast Asia. Now the company sells 1.5 lakh cars annually, whose income is Rs 2,270 crore. In the year 2017, Cars24 raised Rs 1,510 crore from DST Global and became the first Indian unicorn in the place of cars used. This platform now holds 65% of the market for organized cars of India. More than 15 million app downloads, 200+ branches in 200 cities, and monthly transactions exceed 2 lakhs.
