Used car marketplace CARS24 has partnered with global voice AI leader ElevenLabs and Google Cloud to deploy a real-time voice intelligence platform across over 100 nationwide hubs. This advanced system transcribes and analyzes more than 20,000 hours of customer-agent conversations monthly in 14 Indian languages with 98.5% accuracy on automotive-specific terms.
The AI-enabled platform provides actionable insights, live alerts for customer concerns, dispute resolution, and agent training feedback. Since implementation, CARS24 reports a 35% increase in first-visit conversions, 40% reduction in evaluation disputes, a 25% rise in customer satisfaction, and 50% faster issue resolution—all driving greater trust and transparency vital in the used car buying process.
Google Cloud’s Role in Powering the Platform
Google Cloud provides the essential cloud infrastructure, ensuring low-latency and secure processing of over 20,000 hours of monthly conversations. It manages storage, networking, and scaling of AI models, while protecting sensitive data through encryption and compliance with Indian regulations. The platform also uses Google’s analytics tools to deliver real-time insights, which are integrated into CARS24’s CRM and management systems for efficient issue resolution and customer support.
ElevenLabs’ Contribution with Advanced Voice AI
ElevenLabs offers state-of-the-art multilingual voice AI that transcribes conversations in 14 Indian languages with 98.5% accuracy on automotive terms. Their AI analyzes tone, sentiment, and intent to flag customer concerns instantly, helping managers respond faster and improve transparency. The solution also supports agent training by turning real conversations into actionable feedback, boosting customer trust, increasing conversion rates, and reducing dispute resolution time.
Expanding Financial Services with Loans24
Furthering its ecosystem, CARS24 launched Loans24 in early 2025—a digital-first credit platform simplifying vehicle financing with instant approvals, 100% on-road financing, and affordable interest rates starting at 10.99%. This service expands access in tier 2 and 3 cities, where digital lending adoption grows rapidly, and notably increases women’s participation in credit, now composing 20% of borrowers. Loans24 exemplifies CARS24’s strategy to diversify revenue beyond core used-car sales, incorporating financing, insurance, warranties, and after-sales services into a cohesive customer journey.
Business Model and Financial Performance
CARS24’s integrated model blends direct purchase and resale of vehicles, accompanying inspection and refurbishment, and a suite of value-added services like loan facilitation, insurance, and RTO assistance. In FY24, CARS24 recorded revenues of ₹6,917 crore, reflecting 25% year-on-year growth, though net losses widened marginally due to investments in tech and customer experience. For the first nine months of FY25, the company shifted to profitability with a net profit of ₹26.1 crore, underpinned by strong revenue growth and operational efficiencies—signaling momentum ahead of its planned IPO.
Strategic Funding and IPO Preparation
Recently, CARS24 raised ₹345 crore ($40 million) from Global Car Group, its Singapore-based parent, preparing for an ambitious public listing expected soon. This capital injection will bolster working capital and support scaling core operations across India and international markets. The company is also integrating with government platforms like ONDC to tap emerging car service verticals, including on-demand driver hiring.
