Cars24 exits Indonesia and Saudi Arabia
The two countries are among the five core global markets of the Gurugram-headquartered used car sales startup.
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Editor's note: Used car sales startup Cars24 has shut down operations in Indonesia and Saudi Arabia. The Morning Context could not ascertain the number of people who have been affected, but Tech in Asia reported that around 100 employees were laid off in Indonesia. Cars24 co-founder and global CEO Vikram Chopra confirmed the development on Thursday. “We realized 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,” he said in response to an email. “We will be prioritizing our focus on our core markets—India, Australia, Thailand and the UAE—and continue driving growth.” Apart from India, the eight-year-old company currently operates in Australia, the UAE and Thailand. It started operations in Indonesia in March last year. According to a report in The Hindu BusinessLine, the company’s global business accounts for nearly 20% of its revenue. Last year, the company announced that it had earmarked $100 million to invest in its international business. Cars24 entered the Asia-Pacific region with a view to dominate but …
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