Cars24 commits $20 Mn to AI Labs, backs early-stage startups ahead of 2025 IPO

IPO-bound used car marketplace Cars24 is deploying $20 Mn (₹189.8 Cr) into an AI Labs unit to build in-house products, partner with OpenAI, ElevenLabs and AWS, and seed early-stage AI startups. The bet lands as H1 FY26 revenue hits ₹651 Cr (+18% YoY) but EBITDA losses widen 36% to ₹162 Cr.

— Filed Mon, 1 Jun, 2026, 15:19 IST · Source Inc42 · Buzz · Updated

IPO-bound used car marketplace Cars24 commits $20 Mn to AI Labs to build AI products, partner with OpenAI/ElevenLabs/AWS, and invest in early-stage AI startups. Move comes amid top-deck exits and acquisition spree ahead of public listing.

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