Used car startups take a U-turn as sales remain sluggish
India’s used-car sales market – which had heated up during 2021 and 2022 after supply chain constraints from Covid19 pandemic and Russia-Ukraine war – is now seeing a palpable slowdown. With profitability still a far cry for venture-backed companies like Spinny, Cars24 and CarDekho, these platforms are either putting the brakes on business expansion or exiting the segment completely.Sources told ET that SoftBank-backed Cars24 was executing a calculated expansion of cities from where it was buying cars and has stopped…