Cars24, one of India's biggest online marketplaces for used automobiles, has exited two key international markets of Saudi Arabia and Indonesia.
"We realised we need a deeper focus and, hence, after months of deliberation, we have made the difficult decision to not pursue operations in Indonesia and Saudi Arabia at the moment," Chief Executive Officer Vikram Chopra said.
"We will be prioritising our focus on our core markets—India, Australia, Thailand and United Arab Emirates—and continue driving growth," Chopra said.
In a conversation with BQ Prime in August last year, Chopra had said Cars24 was on track to be profitable by 2023. "We have a clear path to build this business profitably," he had said. "It will take one and a half years, but we have enough capital till then."
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He had said an initial public offering was still at a "concept stage" for him.
"We want to do an IPO for sure, the timeline we don't know, but what is in our control is to practice behaving like a public company," Chopra had said. "Which means to have corporate governance of the highest order, to have the right board, to have the right policies and most importantly, to predict the business."
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