SoftBank-backed Cars24 has launched Cars24 Labs, an initiative focussed on building artificial intelligence (AI) products and backing early-stage founders, with a commitment of $20 million.
The Gurugram-based used car platform has partnered with OpenAI, Amazon Web Services (AWS), and ElevenLabs for this initiative. The idea behind it is to give founders access to capital, mentorship, infrastructure, and AI tools as they build new products.
The company said that it has incorporated AI in its internal operations, from building products to making decisions and serving customers. AI Labs is an attempt to take that experience outside and support others.
The initiative will work across three areas: building AI-native products and contributing to open-source projects, partnering with AI companies to speed up adoption, and investing in startups working on what it calls "category-defining" AI businesses.
Cars24 Labs will also organise hackathons, builder programmes, and community initiatives.
“Every major technology shift creates a handful of companies that go on to define the future. We believe AI is the biggest shift of our generation,” said Vikram Chopra, founder and CEO, Cars24. He added that the lab is the company's way of helping founders “build things that seem impossible today but inevitable tomorrow.”
This comes in the wake of senior-level exits at the company. Last month, founders Mehul Agrawal, who served as COO, and Gajendra Jangid, the CMO, stepped down from active executive roles. Cars24 was founded in 2015 by Chopra, Agrawal, Jangid, and group chief financial officer Ruchit Agarwal. In March, Himanshu Ratnoo, CEO of the company's India used-car business, exited the firm.
The company is also preparing for a public listing. Per a performance update shared by Chopra in May, Cars24 reported 27% on-year growth in adjusted net revenue for FY26, at Rs 1,411 crore. Cars24’s Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss narrowed 36% to Rs 357 crore from Rs 555 crore in FY25.
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