A second-hand vehicle website has seen its worth soar to more than $1bn (£750m), placing it into unicorn status. India’s Cars24 has seen a major ascent in its business during the coronavirus pandemic as people look for options in contrast to public transportation, for instance, used vehicles.
The unicorn status means a privately-owned firm that is esteemed at more than $1bn. India’s mainstream however undependable rail networks were stopped totally when the nation went into lockdown mode. Other new businesses that have proceeded to become unicorns, and easily recognized names, are Uber and Airbnb, amongst others.
Coronavirus spread in India has exceeded 89-lakh and further lockdowns are being planned with curfews already in motion in various states.
While public transportation in India’s large urban cities has started functioning again, numerous travellers are evading public vehicle over apprehensions they could contract the infection on the route in buses or trains. This has prompted an ascent for Cars24, which is situated in the city of Gurgaon, close to New Delhi.
Founder and chief executive Vikram Chopra said, “People who did not have cars were looking to own a car due to safety issues while many others wanted to upgrade from two-wheelers.” By the mid this year, sales had increased by 20% from pre-lockdown levels and kept on rising.
Chopra initially thought the increase in sales would be for a brief period only. He noted, “Our awareness among consumers has shot up dramatically.”
Image Source: FBC News