 Now, this session is pretty interesting because as an individual, buying cars is something very fascinating and also a very dangerous chore to do. But can you imagine buying and selling cars could be as easy as ordering a pizza online? Well, now that is something we'll have to figure out. Up next is a brand that was founded in 2015 and has managed to transform the way consumers buy and sell cars. The platform leverages technology at every leg of consumer journey, pain points and delivers a seamless experience. We are talking about India's first startup in the auto tech space that now holds a valuation of 1.84 billion dollars after a recent round of funding, CARS24. Welcoming the go-to man at the organization, Gajendra, the co-founder and CMO of CARS24, who is here to speak on how CARS24 is changing buying of pre-owned or pre-loved vehicles in India. Over to you. Thank you, Abu. Thank you very much. Thank you very much. How is it to be a unicorn? A unicorn, we have been already here since you became a unicorn. But to be honest, there's no sudden shift of feelings or anything in our head at least about being a unicorn. When you really put your blood and sweat to whatever you build, and I think everything happens with the time and it makes you feel good, of course. It makes you feel good for some time. But then you get busy in something which you want, which you are setting yourself up for the next, right? So it's almost like whenever you're reaching close to the next milestone, you already kind of see what's coming up next. So reaching to that milestone, what you've been waiting for the last few years has already been, okay, now it's there. Now let's start the next challenge. Yes. Now can you start, see if you can share and also during the sharing, please answer another question of mine. I'm trying to recollect your question. You are called the go-to guy in the organization. Are you the one who's jack of all trades? Because when I was young, I was told by many people, don't be jack of all trades. I think when you become a leader, right? Jack of all trades is very, you know, master of one is very important when you are really pursuing to become excellent in one field, one function. It's about the life what you choose. Then I think it is whatever has been taught, right? And when you become master of something, nobody can beat you at what you are really best at, right? That's the plus of it. But when you have jack of all trades, I think this is some, this is a skill set which helps you a lot, especially when you are a leader, when you are managing larger team, when you are driving a, you know, larger business. And I would say not jack of all trades, are you able to balance all the facets of your business organization and the leadership or not? And when you are able to, you know, equally put your head into the technology versus execution versus, you know, business versus product, then it really gives you a very good overview on what is going on each and every function you are a part of. And you are able to add value to the various, you know, different function reviews as well to your part of. So that's very, very important. And that's what I've been able to learn in last, you know, six years of my startup journey. Beautiful. I would love to learn more from you. And in the meantime, has the glitch. So also with the marketing, but you know, I've seen how aggressive that you guys are. Are you also planning to expand out of India or what is your take on that? Yeah, definitely. The one excellent part of our business model and our, you know, technologies that is scalable globally. And the underlying problems of buying and selling car remains broadly or largely same across the globe. So as soon as we had a capital to support our ambition to go global, we really went after it. The preparation began last year. We entered into UAE in Australia this year already, by the way, and hoping to enter a couple of more countries by end of this year as well. So yeah, I think what we want to now become is a, you know, a global company originating out of India. That's our next goal post is we want to, we want to practice as a global auto brand now. So our ambitions have now, you know, flourished out of India. And we are all set to make a tent in the global auto industry. Also would love to know more about bike 24. I just got a book myself. So bike 24 is in a way a sibling of car 24, I would say. When we were able to scale car 24 in India, and we are the largest player currently in the used car segment in India. The playbook of bikes would be fairly, fairly same as cars. Interestingly, bikes business in India is one of the biggest one. If you see by transaction volume, bikes is seven times more than cars in the whole. I think little like Bangalore and Pune have got the maximum number of two wheelers. Yeah, absolutely. Bangalore and I think NCR and Bangalore are the ones which is the top most one. So like I was saying that the playbook is same, bikes business and the overall market size is very much same as car ticket sizes. Even when the ticket size is one tenth, just because the volume of bikes is seven times more, it's kind of an equal opportunity for us to be there. We started bike 24 almost 10, almost a year ago. And we are slowly, slowly learning the, learning consumer, learning nuances of the bikes. And we will soon be rolling out our offerings, which is currently only in NCR to many other places of India. I would love to present cars ready for journey to each one of the participant and members today. I'm never tired of sharing our journey to anyone who requests and very glad to be here today. Given the agenda of this discussion, I would want to share the story on how in particular we are changing the game of car buying in India. Historically, I think car buying or even car selling as well has remained same. How it was, how about parents used to or even grandparents used to do. Not much has changed in the way we buy and sell cars in generations. While so much of has happened in the many different categories, whether it's an ad tech, whether it is a fintech, whether it is a normally commerce of like Amazon Flipkart, food delivery, but buying and selling your cars have not changed. And we strongly believe that this is something where technology is a huge room to play. Most of the consumer problem would really get at risk if you are able to bring technology into the play and bring the, bring happiness to consumer lives in this ecosystem. Next slide, please. So quick, very quick on how the flow of my talk will go. We want to give you some basics about the industry followed by introduction about cars 24. Then telling you guys how we are really changing the game of car buying in India. And what's cooking in cars 24, R&D facility, cars 24, tank tank and what's next thing coming for the consumers broadly in India right now. Next slide. Next slide. So about the market, so auto, overall auto is currently India's 7.1% of GDP. This is the second largest contributor of GDP we have. And the auto especially has got a huge headroom to grow. If I call out, you know, car business out of auto. India has less than 3%, I would say car per capita. If you compare yourself to China, China has close to 20% car per capita. If you compare ourselves to let's say US, which has almost 90% car per capita. So that shows that as India is growing, as India's GDP is growing, as we all of our, trying to upgrade our lifestyle, there's so much of headroom for this industry to grow. So next couple of decades, this industry is going to grow in car per capita is continue to grow. And we will hit somewhere close to at least China market in next five years or so. This is all tells about the volume of opportunity what we have ahead of us. Currently, the currently, if I just put together bikes, cars, and finance insurance, all the business together, the opportunity is over 100 billion US dollar. And I think one fundamental thing which makes this market right for disruption is that it's still largely unorganized. So whenever the market is unorganized, there's a huge value a technology can play to be able to not only organize the market, but to also solve the genuine pain points of the consumer. Then of course, before we started, we knew that most of the consumers who are buying cars are not enjoying the process. And I think most many of you can relate to it that when you are really buying a new car, buying or selling or buying a new car in particular, you always feel filled with the joy. The day you came home to book a new car, you are going to welcome a new member in the family and the entire process is very joyous. But it's not the same when you are selling the same car back again. So after five years old, when you want to sell that car, the emotions suddenly changes that, okay, you had now you had to go through a lot of pain. You had to speak to a lot of strangers, go to the, put a sales hat on to get the best price for your car. And it's just the process entire journey is not very delightful. And the same goes so when you are buying a used car as well. So knowing the current pain points of the consumer in buying the car as well and how much dissonance currently exists, we really went after it. Next slide please. So this is one research conducted, Google conducts the Auto Gear Chef report every year and they really publish the what are the current trends in the industry going on. And they are something very, which is very interesting. I pulled out from the report and I want to share with you guys, 94% of the customer before buying a car, they do research online. So that shows the amount of engagement customer have in online world before they make any decision. Now the next thing which was again interesting came out of it, the consumer have now graduated and evolved where 62% customer even mentioned that they are okay to buy a car online as well. They are not shy of it anymore. They don't want to follow the same old tradition of going to the dealership and for the cars and get the car. They want to narrow down their choice as much as possible completely online and perhaps just get the delivery. Only 52% customer takes a test drive of only one car. So for 52% customer doesn't test drive more than one week before completing their buying journey. So all of this actually the way if I just culminate all of all three pointers is that they say huge amount of interest customer has to research about the cars online. There is a huge propensity of the customer to buy a car online and customer is ready to even let go of the test drive to buy a car as well. So only 52% of the customer test drive the car only one. So all of these factors really tell us there is some sort of digital journey is being ready to prepare for the consumer and I would want to share later on following slides how we are able to solve it. Next slide please. So introduction to us. How are we really solving the consumer buying journey? How are we really addressing this problem head on? And how are we really becoming currently India's but very soon globally largest auto e-commerce company? Next slide please. So currently how we are really positioned right? What is the value? What is the number of transition what we are doing? Currently cars 24 is transacting close to 2.4 to 2.5 like cars annually. The biggest layer in a way in offline world which is the Maruti True Value is somewhere blocking you know 70 to 80% ahead of us. So if I compare ourselves to Maruti True Value then we are in a way India's second largest players organized player at present. Our ambition is to race out in the game very soon and hopefully in next next few years we'll swap the we'll swap to the first spot. Like I said earlier you know 100 billion is a market size huge stamp to go after ready you know ready for disruption largely unorganized and so much of so much of to do with the technology to really solve consumer pain points. And just a small data about the monthly traffic how much is monthly traffic that shows that more and more users are now coming online to really discover of the car what they want and what they discover and they are really ready to you know complete most of their digital touch points prior to buying the car online only. And why I said Amazon have used car in India and I think what what we are trying to do fundamentally is bringing the entire journey online. So we want to make sure customer can literally shop for cars 100% online just how you are doing any shopping on you know various e-commerce website. It is never something which has been done before in India. You are literally buying cars at the at the click of a button based on the thousands of cars that is available on our platform and you can really request for the car to come into your home or you can you know can really visit nearby car 24 site to be able to pick up the car of your teams. Next slide please. So how are we able to scale so fast what is really working for us in a very broad business scenario. So the flywheel has to move and support each other to be able for us to move really faster. I'll start with the better you know I'll start with the you know better pricing model. So when you are able to give a better price better price you are able to bring more sellers which in turn when you bring more sellers on board you know you are able to step up and really provide the largest assortment possible for the buyers and when you when there are more buyers which are buying car from you with the price at which you are selling you are able to feed that data back into the pricing pricing model which in turn really attracts sellers to sell car at the price which again really feeds into our better selection. So this flywheel starts moving in and versus the flywheel starts moving in you really able to come you are really able to you know get the compound benefit of each and every building block what you have and you are able to you know match demand and supply faster and it helps you also you know quickly gain the volume of transition as soon as you know as fast as possible. Next one please. So like I said we are really being an Amazon of used car so historically or still most of the most of the you know market in the used car is hyper local. What I mean by hyper local is that if I'm based out of Mumbai mostly the places I from where I will buy the car would be surrounding Mumbai only. I would not you know go to Nagpur, Kuala Lumpur, Nasek anywhere to really you know buy the car this mostly remains hyper local and what what happens when the business remain hyper local you are not able to really get the benefit of a arbitrage which exists in the you know traditional used car supply and demand ecosystem and second what we felt is that why does it have to be hyper local business. You you don't follow the same principle when you are buying or selling anything online and on Amazon. Why can't cars can really travel from one district to another district and what it really helps and I'll go back you know I'll just take an example of how I said better pricing leads to more sellers leads to more assortment leads to more you know buyers. So on the right side what you are seeing is that it's a map of the Maharashtra where we show that how cars are moving at different districts where you know some cars are being supplied from district A to district B and some some cars are moving from you know different directions. So what it really does is that we are able to match the supply and demand universally at you know at any given point of time which brings in not only pricing efficiency but also a buyer is able to get the car of their dream at the price what it wants at the quality what he desires and it also brings not only a larger selection. So to give an example if I really you know be present in a you know traditional model hyperlocal model I have to really build an inventory of thousands of cars to be able to serve the likes of customers and I have to keep on adding that inventory in each and every city I operate in but if I follow the principles of e-commerce I don't need to do the same thing I can have an inventory setting at you know one or two spots and I'm able to address to the entire demand I'm able to address to the entire market from from from those inventories. So what it does really is it really provides the degree of selection it really help us control the quality of car and it really opens up the gateway to entire you know you know market within that within that state and that really you know gets customer a better assortment like I said it helps us get a better quality which is very important part of the you know use car ecosystem and also it help us you know gain the scale efficiencies as well. Next slide please. So what is the value ecosystem like what does really you know seller and buyer you know desire for need for in this in this market so quickly from seller side they want the you know best price they want to really you know community sell their car and they want to you know do it as safely as possible. Buyers need in the priority order is you know they want to get a good quality car they want to get the car what they really want means a larger selection and they want to get a financing you know as well so to be so that they don't have to really worry about the capital. How we are solving it how we are solving each and every tenets of this to build the trust with the customer right now we all know the problems of traditional channels when you when you really transact in the offline world there is no guarantee of quality services checks are not done there's a large amount of information assembly to exist about what pricing this car should be bought and sold at and you're always confused and you're never too sure about whether you are you know you are buying the car at the right price or not and always financing has been very limited in the US car and I want to call out here financing especially and you'll be surprised to know in new cars financing penetration is more than more than 70% vis a vis in used car the penetration of financing is less than 18% so you can see the amount of you know the difference exists currently in new cars is used how can really again there is a you know disruption what we can make as well so the way we in a very nutshell the way we are building trust to in buying process is the each and every car get tested professionally inspected so that the car really runs as as good as new car this builds a trust on the consumer's mind when the customer is able to see all the details of the car condition of the car very transparently and it also bits of confidence in the consumer mind that he feels safe he doesn't he doesn't need to worry too much about buying the car pricing is something which help us again you know balance seller and buyer side both and our technology at the back end which primarily option based price discovery model which really help us balance supply and demand and able to also get the car at the good price for the buyers financing again what we are doing the financing I'm not sure many of you would know about it or not cars 24 is the only nbfc in the auto auto category and what we have what we have done is completely digitize the financing on our platform so you can literally while you're buying a car you can literally you know ask for financing upload the required kyc docs and other paperwork and really get the approval is continuously 100% online which has again never been done before as well so this is how we are adding value in consumers lives across their you know consumer journey of buying process next slide please next slide so how are we really you know what is how this magic is happening at the back end so just want to take few minutes of you on letting you guys know what are all the pillars which kind of works in tandem to be able to really help us stay competitive say stay ahead of the game and to in the end serve our customers for supply of cars 24 you are able to get 100 car from the customers we have you know we are the largest player in the u-star industry and all of the cars listed on our platforms are clean cars sold by individuals our brand has been has gained its trust in the last six years has been also currently cars 24 has you know enjoys its highest top of mind that they call in the u-star category we recently did a survey led by exhaust where we discovered and cash with people now has been able to really not only has been you know pushed pushed back all other players in the category and currently stands at the top our financing is property our financing is something which like I said earlier we have we have our own and we have seen we have developed algorithms at the back end and entire modules at the back end to be able to really stitch the entire end point financing journey online and which you would not see anywhere else where you can literally you know get approval of the car loan in a matter of few minutes like I said then journey is entirely online just like when you are sitting at home you know ordering food at ordering food at home or maybe ordering anything at online for the day you can do the same thing with the cars as well completely into an online e-commerce experience cash now to deliver that e-commerce experience end to an online we have to really also support this heavily with logistics and warehousing so currently we are or we have set up our you know warehousing all across India trucks all across India to be able to mass the demand what we've been getting from consumers last but not least which is a pillar of reconditioning so reconditioning is a very important element to give quality cars to the consumers we are creating right now mega factories to refurbish to refurbish the car which in turn will help us really meet the quality standards what customers really expect from us next slide please so the more to call out one very interesting and you guys would really you know find interesting about is that how cars what is what is what are the how are we leveraging technology to really help us not only scale but also the same time find out those things which you can easily miss in traditional ways so one of the left picture on the left what you are seeing is how the machinery works where we can really identify all the small dents scratches in the car or any kind of defects in the exterior body by a scanner so scanner when scans the car automatically detects what are the you know scratch dents you would see an entire exterior body and we all know how yeah am i audible yeah should be out now yeah so coming sorry i'm back now so i was i was stating that how exterior of the body can be scanned by this automatic scanner which can really tell us what are the defects in each and every car without any manual intervention so we don't need to rely on identifying what are the damages exist externally to the car on any manual effort and we can really figure it out by using the scanner and all of this information gets feed into our system when we recondition the cars and that's how we are able to really ensure that each and every car is really perfect when we are repairing it the one picture on the right is about the engine sound a lot of a lot of things what you can say about just hearing the car out and also thought throttling the car at the very different rpms so the sound the sound processing which happens at the back and can really tell us any abnormalities or any kind of changes or any kind of damages that engine has had over the course of the lifespan and can really you know help us take a preventive measure before that car really you know goes out and get listed to be sold to the customers so these two technologies which are really in a way replacing you know human or manual effort which is again is always easy to get easy to get fooled at or easy to get you know missed at which in turn really compromise the quality and very soon we will be able to replace completely and able to use this AI model to be able to really test test the car and able to fix it before it really you know goes out to list on our website to be sold to the customer next slide please again financing like I said how financing is so you know important in used car like let me again reiterate myself in India currently in India currently we are you know very highly underpredicted when it comes to financing only 15% of used car get financed while in the new cars it is the financing penetration is more than 75% cash 24 when we sell a car and when the entire financing journey get digitized we have only achieved 50% of financing on all the cars what we sold so just see the swing what we've been able to make the dent what we needed to make where industry average stands at 80% 18% and we are able to move to really you know 50% of financing in the used cars and having digital having journey entirely online and providing cars to the customer which is you know really you know personalized to what they really want and when you combine both of these things the journey become entirely efficient less next slide please yeah so it's quickly how the how we are able to you know showcase the car online because we can quickly skip through it next slide please so next you can skip through these slides that we are running out of time out you know skip through few slides to be able to only focus on those which really yeah the next big thing so next slide please so what's happening in the car 24 world is something that we are really creating a mega factories of you know reconditioning sectors all across India you can directly jump to the last slide I'm almost up so all of these pictures what you are seeing is in preparation of building huge mega factories of reconditioning first please all across India and all of this is being done keeping in mind that customer really get the car which as good as new car without any effects without any imperfections and which kind of helps you make the journey you know as as joyful as possible so that's about it sorry for taking too long time never thank you so much and now this brings in more confidence in at least me and a lot of others watching this to go ahead and pick up a car from cars 24 and also I'm sure bikes 24 also follows the similar so thank you Gajendra thank you much for explaining the process sure thank you very much thanks thank you for having me here bye