Other Private Equity/Strategic Investments
Used-car marketplace Cars24 to invest $20-M in early-stage AI startups
Gurugram-based Cars24 has committed USD 20 million (INR 189.8 crore) to its newly launched initiative, AI Labs. The initiative aims to bring AI operations in-house while assisting founders and builders in advancing their entrepreneurial journeys. As part of this effort, Cars24 will invest in and incubate early-stage startups.The company has secured partnerships with OpenAI, ElevenLabs, and AWS to support these goals. AI Labs will concentrate on creating AI-native products, contributing to open-source innovation, collaborating with leading AI companies to accelerate experimentation, and providing capital to startups building AI-focused businesses.
Between Nov 2015 and Dec 2021, Cars24 had attracted about USD 1.2 B from Alpha Wave Global, DST Global, Lingotto, Moore Strategic Ventures, SoftBank Corp, Tencent, Trifecta Capital, Unbound, Apoletto, Asia Venture Group and Others.For FY25, Cars24 had reported about INR 6,138 Cr in Operating Income and about INR 530 Cr in Net loss.
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