The Original Cars24 Birthday Letters

Related note from the first-anniversary week by Vikram Chopra, 5 August 2016.

CARS24 Rockstars,

Ten thousand car milestone has got us all excited. With tremendous backing from all of you CARS24 can now dream bigger and braver.

Hence, we are going to Singapore as our first city outside India. Yes, you heard it right!. Another country-city should be added soon to our list of cities and centers.

Avinav Nigam, our beloved Marketing Director will be transitioning into this new role to run Singapore operations. With his 10 plus years of SE Asia experience, we are confident that he will make us proud in the new role.

Let's wish all the luck to Avinav, Singapore and of course CARS24.

At the same time, let's keep in mind that we have a long way to go in India itself. We got to build ourselves as a company with long-lasting legacy - from 10,000 cars to 10,00,000 cars.

Keep moving cars!

Love,

Founders

PS: We continue to stay in stealth. So please keep the update extremely confidential.

Original email by Vikram Chopra, 12 August 2016.

Ingenuity

“the quality of being clever, original, and inventive.”

Don’t think there is another word that describes us better after 12 months of the journey. Well how? When everyone was busy selling to consumers, we said that we would instead buy from them and make a business out of it. When everyone thought that our business is inventory led, we knew otherwise. When everyone thought, that discounts and TV ads are the only way to grow, we proved that if you build the right business,it will grow.

Behind our ingenuity is a strong conviction. A conviction that runs across three key pillars:

1. Solving a genuine pain point: We all have experienced the pain in selling a car. Do you remember those phone calls and Facebook posts on help to sell a car? Classified websites themselves say that it takes 60 days for a person to sell car online. Really? Who has got that kind of time anymore? More over it’s not just the time, but also the hassle, and the pain. In the end customer has no option but to settle for what they can get, not what their car deserves.

We are changing that. We are making selling car easy, and hassle free. What else, we get the best price for the customer - more often than not! And it's becoming better every day.

At the same time dealers love us because we help them grow their business. We help an average dealer who sold only 1 car a month earlier to sell 5 cars a month now, and someone who sold 5 earlier to sell 15 now. We are making them successful, and in turn it makes us all successful.

Ask any sales or retail folks in CARS24 and they will tell you how much our customers and dealers love us (most of the times :D)

2. Doing the right thing: Often young companies take short cuts. Those short cuts involve spending money mindlessly. Many such obvious examples are discounting, advertising, over hiring, several product lines (with none proven) etc. We can proudly say that we haven’t taken shortcuts. We won’t ever. That’s why we want to ensure we win the total domination in cities we are present in, before we expand into more. That is why we ensure that every penny spent by marketing is justified. That is why product and tech are working hard to ensure that we automate all processes, so that we do things with fewer errors and keep growing with same number of us in the family. This is why operations, finance and QC work overtime to ensure that we do a thorough background check of each car and that each car and its documents are well taken care of while with CARS24. The examples are endless from across the areas.

3. YOU: Last but not the least, it is all of you. I think we have built a fabulous team. We have hired slow, cared about every hire and I think the result is we have very smart people at CARS24. When we started CARS24, there was no precedent of such a business. Where we are right now, there hasn’t been any used car company in India yet. Sounds cliché, but we are really truly just starting. We will build the largest used car company in India. Think CARS24 = Maruti + Hyundai + Honda + BMW + Audi + all others. There are many new car OEM brands, but there will be only one in used cars and that is, no surprises, CARS24.

Thanks to the awesome contribution from folks across New Delhi, Mumbai, Vashi, Gurgaon, Pune, Faridabad, Jaipur, Noida, Hyderabad, Chandigarh, Thane, Bengaluru, and Mangalore. Big thanks to operations, QC, HR, product, technology, sales, training, legal, retail, marketing, admin, audit, BD, BI, finance, PD, inspection, expansion, customer care and all the support staff.

So here we are: 41 centers, 13 locations, 550+ rock stars, 10,000+ cars, run rating 500 cr+ annual revenues, AND…..

the fastest growing tech company of 2016; in fact fastest growing company ever in India and compared to all those companies you hear or read about, we are in reality far bigger and better. Remember that! :)

The journey now moves from ten thousand cars to one crore cars. I hope you all are having the time of your life.

More cars to us! Lots of love!

To everyone and from all of us :)

The three narrative films linked from this banner are no longer available. A separate 2017 photograph folder is also no longer accessible. The banner is the surviving piece from that year.

Original email by Mehul Agrawal, 12 August 2017.

Two years! Two eventful years.. can't believe our baby is 2 years old already!

To think about it, two years back we were nothing but a bunch of amateurs trying to figure out a way to buy and sell cars, learn about how to price a car, how to inspect a car, how to identify and onboard dealers, or simply put how to create a business.

And two years later, here we are. A 100 million dollar revenue run-rate company, doing 2500 cars a month, with 600+ proud owners who have served more than 30000 customers and 1500 dealers till date. And from being those amateurs, we have today turned into one of the most respected industry experts. We are the go-to experts for the market be it on pricing, on inspection or for that matter GST or any other change. That is a big feat guys. That is something incredible which we have achieved in just 2 years and we all need to be super proud of it.

Perhaps what makes this ride even more interesting is that these 2 years have been the most random or chaotic ones in the history of auto industry. We had Kejriwal's odd-even, we had diesel ban, we had TCS introduction, we had cash payment regulations, we had demonetization, and we had GST. And I am sure there are more bombs to follow. And the beautiful part is, none of these have impacted us or stopped us from continuing to embark on our golden trajectory. While others struggled to figure out how to handle these macro changes, we moved on from one strength to another.

Lot of things have changed over these 2 years. But inherently, at the core, we are still the same. The same young dynamic bunch of rockstars, who are out there simplifying transacting used cars for the industry. We have always been disciplined, consistent and forward-looking in our approach which is awesome. A short list of affectionate inside jokes about colleagues has been omitted from this public archive.

Our organisation has matured so much over the last 12 months. From one big C2B business, we multiplied ourselves into 3 big businesses by launching B2B and Financing. We made significant progress on people and culture front be it by defining values, by defining career path or by launching Org Support and many such initiatives. We revamped our brand by moving to "Car Becho, Best Price mein" and launching our first TV Campaign. We have enhanced dealer experience massively by launching Dealer Rule Book, Account Management, streamlining processes etc. Our Tech and BI teams have automated significant number of processes or steps and continue to do more.

And the reason all this has happened is because of the young, dynamic, passionate, driven, committed set of 600+ owners that we have in our family today. The chemistry and bonding of this family, the madness to achieve and over-achieve, the hard work and sacrifices made by every one, the constant effort to innovate revolutionise and create something new and big and impactful, is why we have been able to create this magic over these two years. And we want to thank each one of you and your families for helping us get here.

As we move forward, lets all be committed towards one objective - creating the most trusted and loved brand for customers, for dealers, and for each of the 600+ members of our growing family. Because if these three entities are truly happy, no one can stop us from becoming the biggest and the most profitable business the auto industry has ever seen.

Cheers to the awesomeness of Cars24!

Original company email by Shivi Agrawal, 11 August 2018.

Dear All,

A journey of a thousand miles begins with a single step.

Three years ago,Vikram and Mehul started something which is now bigger than what we would have ever imagined and our endeavour is to make an impact in the lives of every car owner and car dealer in India. From baby steps to walks to runs to leaps and now we are going to sprint towards this dream of creating India’s largest automotive startup. Today, we have completed 1095 days as a family and have breached multiple barriers to reach here. But we have many more milestones to reach and we wish to make even more progress every day.

Thank you to everyone from the past and present of Cars24, who has spent a part of their life in fueling this dream and making it a formidable reality today!

This year we will be celebrating 3 years’ milestone of Cars24 in a very special way by spreading smiles around us. We are participating in large scale donations PAN India to the homeless and the underprivileged. You can do your bit by giving donations in the boxes kept at your office premise.

Let's add to the cheer!

- It is always ‘We” before “Me” and to express this let's put on our Cars24 Tshirts on Monday, 13th August 2018. Let’s celebrate this occasion with grit and enthusiasm – after all CARS24 is turning 3 years old!

- We spend so much time in office, that it can rightly be called our second home. Let’s take this joyful occasion and adorn our workplaces in the best way possible. All the decorating items are already present at your respective offices (retail, parking, and support centers). Don’t shy away from taking pictures and posting them on Slack! The best decorated centre will win exciting prizes!

Here’s to many more years of excellence!

#WeAre3 #10000CarsAreNotFar

Cheers! Shivi

-- Shivi Agrawal I Org-support Team www.cars24.com

Our Values: Ownership | Invest in Employees & Partners | High Standards and High Results | Meritocracy | Trust | Frugality | Long-term

The 3 Years of Cars24 employee series

Vikram Chopra, 12 August 2018.

Guys do share your Pumped the fist moments on general - let’s get nostalgic and remember our best moments at 3rd year anniversary

Vikram Chopra, 12 August 2019.

Happy 4th @gourav.khanna and happy anniversary to all of us

A New Beginning

A congratulatory film from 2019 was linked on an old Drive file that is no longer accessible. The Dhoni Review System campaign survives in four films on the official Cars24 YouTube channel. One is embedded below. The other three are linked after it.

Other films in the series: best price, instant payment, and best price and a single visit.

Original email by Vikram Chopra, 12 August 2020.

We are proud of where we are, but we have much higher to go!

🎉🎉 Congratulations to everyone on the 5th anniversary of CARS24!

Who would have thought we would get so far!

We have a wide presence across India, thousands of passionate employees, a brand that is growing strong, and soon enough we will surpass over 7000 cr in sales ($1bn) and 700 cr in revenues ($100mm). What started as a simple idea to help a customer sell their car, now has expanded to include buy car, financing, bikes, and soon international, servicing, and much more.

Without a doubt, what we have achieved in the last 5 years is what very few companies are able to do.

However, it would still look tiny if you consider what we can potentially become in the next 5 years.

This is what keeps us going - what CARS24 can become. What it has already become is already in the past. What’s exciting is the future!

An obvious follow up question is, how do we achieve our next 5 year goals? And an obvious answer everyone jumps to is launching 50 new things. This is what I call ‘novelty’ addiction. We want to see something new all the time - in our facebook and instagram feeds, and we want to hear about a new launch everyday at work.

However, I think the reality of how we achieve our next 5 year goals is far more fundamental. Like the key to success as a batsman is facing millions of balls, basically doing the same thing again and again and yet again. In the same way we need to do a bunch of fundamental things even better.

The job to be done still remains getting every seller in India to sell to CARS24. I want to lay emphasis on the word ‘every’, because that’s what matters.

To put things in perspective,

Today we have only 4% of car sellers selling cars to us. Why can’t that number be 20%, and then 50%? Btw, NCR market share is already at 10%+

Our conversion rates are 30% - out of 100, 30 sell the car to us. Why isn’t the conversion 40%, or even 50%+. Btw, many cities that include Chennai, Mumbai, Bangalore have started to consistently get to 40% already!

Customer (seller, buyer, dealer) experience is another area where we are miles from being ‘world class’ and we won’t stop at anything less than being world class.

So much to do for sellers still after 5 years. Isn’t it. Imagine jobs to be done on c2c, financing and bikes, all of which are very young.

This is what keeps us going. We mean every word of the sentence, and every alphabet of the word, when we say, ‘we will become India’s largest auto company.’ When we started 5 years ago, I think our ambition was much smaller. Working with smart and motivated folks like you has helped us raise the bar. We are excited about the next 5 years, we love the challenge, and let’s revisit after 5 years how well we did on these fundamentals that are the real key to success.

This creative belongs to the first 5 Years of Cars24 story. Photographs for the later stories in that series have not been verified yet.

Original email by Vikram Chopra, 8 August 2021.

Hello Everyone, **

It is a fantastic feeling to see that in these 6 years you all have given CARS24 great hard work, sweat and tears, making it your own. Since day one, our vision is to change the landscape of the auto industry and have an organisation that creates legacies for our employees! I hope in all we do, you can see this vision represented.

As we expand each day, build this organisation on the back of the people, we have a great session lined up for you on our 6th Anniversary on 12th August ! Please join in the fun and games!

Thank you!

Vikram

Original email by Vikram Chopra, 22 August 2022.

Hello, CARS24 team members across the world. Congratulations to all of us on the 7th anniversary of CARS24. We can’t be happier celebrating this milestone with you. We have come so far because of all of you and our alums, and together we will keep going for the next several decades.

As I sit down at the end of the day, I reflect on our learnings from the last seven years. These are not just learnings but also a reflection of who we are. Today is a good time to share them with all of you and get feedback on what you would add to our thoughts.

First and foremost is that we are forever in a hurry. We can’t stop dreaming of cars in thousands and tens of thousands. We want all automation tomorrow. We want to go to pan country as fast as we can. This trait has served us well as it makes us nimble. Whenever we slow down, this innate trait makes us find ways to move faster again. The downside is that we make too many changes and run too many experiments, and sometimes we go round in circles thinking we are making progress. Still, we aren’t - the classic speed vs velocity, distance vs displacement challenge. Let’s always be in a hurry. However, more thinking is required too. We need to avoid shooting before thinking.

Second, we are patient yet in a hurry but still patient. When we started CARS24, we thought reaching a billion-dollar valuation was the finish line. That milestone went past us almost two years ago. For seven years, we declined any acquisition or merger courtship. So what happened to the finish line? Now we think that concept was flawed. There is no finish line. There is only one goal - making this journey even more exciting. We will cover it in a bit, but first, the learning is a ride for a lifetime. We are genuinely ‘long term’ - as learnt from our experiences.

What makes the journey fun are our third and fourth learning.

The third lesson is that the journey is fun when you enjoy working with colleagues. When we started CARS24, we were influenced by what we read about how entrepreneurs are ruthless in popular culture. We wrongly believed that we must apply pressure and be brutal if we have to meet our objectives aggressively. Nothing is more important than a genuine human connection. Thanks to feedback from early employees, we realised that doesn’t work. We can be aggressive and have seemingly ‘unreasonable’ goals, but we must show genuine respect and care for employees. The operative word here is ‘genuineness’ and ‘empathy. We are still learning, but we understand the meaning of ‘ investing in employees ’ better than we did earlier.

The fourth lesson is to keep the ride fun; we need to innovate. We must live high standards and achieve high results every day. In India, we were the first to bring online auctions. We created unique features such as Price Increase (PAI) and One-click buy (OCB) that is true innovation. In financing, we were the first to bring used car financing to India. Even today , when they give used car loans, they provide personal loans to their best customers. That’s how they think. We turned around, the thinking on its head. In a market with 15% penetration, we have more than 50% and growing. We brought features such as 0% downpayment and 100% financing to the market while keeping risk in check. We were the first to build MRLs. We also bought instant payment for sellers, car protection policy, etc.

International has taught us a lot too. Australia bravely went with 100% buy online sales of cars (like how we buy books online)., developed an in-house financing solution, led the way on VAS with an in-house warranty and cracked a partnership to grow sales (with carsales). UAE has developed first-of-its-kind digital financing, has pulled off an exclusive trade-in partnership with Tesla, and runs 90%+ on in-house MRL at 30% lower cost than outsourcing. South East Asia took learnings from other markets and already has the most efficient unit economics for a region with ~250 car scale while achieving 80%+ brand awareness in Thailand within four months of launch.

It won’t be fun, though, only reminiscing things done already. We need more innovation every day and across the country. We believe our ability to keep coming up with big hairy audacious ideas will be crucial to our success.

The fifth lesson is that we are learning what ‘ ownership ’ really means. Interestingly, we have had this value from day one but weren’t truly living it, especially as founders how much we enjoyed taking all decisions - what’s right and wrong, how should things be done etc. We thought we empowered our next in line, but we didn’t enough. Opening international left us no choice but to let local leaders be in the driver's seat. Hence our realisation also increased of what empowering means. We have a long way to go, but there is an incredible realisation of how important it is that each of you steps up more, and we create an environment for you to do it. However, I also see that people sometimes confuse ownership with accountability. They think it is unimportant enough to do reviews and shouldn’t be questioned on their decisions since they are in ‘command’. However, with great powers comes great accountability! When one is in command, one should expect intense questioning. Expect a lot of disagreements and demonstrate openness to debating everything. It is such a critical message that we want to reiterate. Please openly criticise things we don’t do well; disagree a lot, but do it constructively (when the discussion is only about individuals and without facts, it can quickly become gossip. Beware of that).

I hope these lessons give you a peek into discussions we often do amongst ourselves. These are things we think are incredibly essential for us to continue enjoying this ride together. These are things crucial for us to be outstandingly successful.

Few thoughts on the macro environment, our decisions to focus more on margins, tempering growth targets etc. As we have said before, the external environment is like the weather - some days it is very sunny, some days it is stormy, and on other days, everything in between. In short, not what we control. However, we can prepare to face any weather, no matter how long it lasts. That’s what we have done in a lot of decisions we have taken in 2022. In short, it is adapting to change quickly. We understand that change is uncomfortable, especially sudden change. It is as much valid for us.

However, change is something we need to learn to imbibe. Able to change fast is key to success in this world that is becoming even more dynamic than before. We are proud to say that when margins are a focus this year, we are on track to do 11mm USD in gross margins by Dec, up from 5mmm USD in Dec 21. Take a moment to appreciate that we are a huge business! Yet, we hope to double it again to 22mm USD in Dec 23. As Abhijeet mentioned in the anniversary town hall, this is positive compounding at scale. We also expect to become EBITDA profitable by the end of 2023 and still have over USD 250mm cash on the balance sheet.

Also, before we feel like a ‘victim’ of tough times - please take a moment to realise that we have lived six years of CARS24 with never more than 50mm USD in our bank account. At the moment, we have over 500mm USD. We can’t be luckier to have so many resources at our disposal. However, no amount of money can substitute for excellent execution, and what we need is the most extraordinary execution of all times right now. Such times are also a perfect reminder that frugality is a significant value to live. Frugality is NOT cost-cutting. It is about solving problems ingeniously rather than throwing money (think selling cars without lower margins, producing high-quality cars without higher refurb costs, and growing without ads). Frugality is such an essential value for all seasons that even in bull times, you would instead save a penny and pass on that value to the consumer. We massively underestimate how much value we can pass on to customers if we always focus on waste.

In business, like in sports, there is time for defence, and there is a time for offence. Right now is the time to play defence well. Get stronger, get fitter. There will be time for a crazy offence again.

Few things we want to do very well this year:

Superlative customer experience: A mistake we made in India was thinking it is enough to offer a relatively better experience than a dealer. However, we missed that customer experience is never relative; it is always absolute. We need to provide the total best experience to the customers. It is a lesson relevant to all countries. Trust is our key value, and we need to work hard to earn the trust of our customers. We don’t do many things well and must fix them individually.

Work with positive economics as we have done for 6 out of 7 years. We think it is essential to be positive economic not because it helps us control losses but because when we work with defined constraints, there is more innovation and more idea generation on moving forward. We always thought we wouldn’t succumb to it, but we did experience a correlation between increasing spend and reducing idea generation. Unfortunately, we realised that money alone doesn’t solve most problems.

Focus harder on nurturing the in-house talent to take more responsibility. When we defined our value of meritocracy, we knew that we would need not tens, not hundreds but thousands of leaders to help us create an enduring company. Now that we have gone international and have much bigger ambitions, there won’t be a more critical time to continue nurturing the talent.

We have the privilege to work in one of the largest consumer categories. The category will continue to move online at a rapid pace. We are at the forefront of this change across several geographies. We have the opportunity to build one of the largest autos companies in the world. Let’s do this!

Original email by Vikram Chopra, 14 August 2023.

Hello my CARS24 Family!

As I sit down to pen this email, a rush of emotions overwhelms me. It feels like just yesterday when we embarked on this remarkable journey together, driven by a passion for cars and a vision that began in the confines of a small room in a petrol pump back in 2015. Today , as we celebrate the 8th anniversary of CARS24, I find myself brimming with gratitude, pride, and a profound sense of accomplishment – and I owe it all to you!

Our journey has been nothing short of extraordinary. We've navigated uncharted waters, conquered challenges, and together, we've elevated CARS24 into more than just a business; it's a living testament to a community bonded by shared dreams and unwavering dedication. The path we've traveled has been marked by numerous ups and downs, but through it all, we've emerged as a stronger, more resilient, and more united force.

Reflecting on these remarkable 8 years, I am reminded of the multitude of milestones we've achieved. From our modest beginnings, we've grown into a formidable presence in the automotive industry, redefining the very dynamics of car transactions. Every successful deal, every contented customer, and every smile we've kindled stands as a testament to the unwavering pursuit of excellence that defines CARS24.

Yet, beyond the numbers lies the heart of our journey – Our People. Each one of you has played an integral role in shaping our family. Your dedication, tireless effort, and unshakable belief in our mission have been the driving forces behind our triumphs. The late-night brainstorming sessions, the challenges that have tested our mettle – they've all been shared experiences that have drawn us closer together.

In commemorating this milestone, let's also treasure the invaluable lessons we've gathered along the way. The tough days have taught us resilience, the setbacks have shown us the power of determination, and the victories have fuelled our ambition to reach even greater heights. Our journey has been a reflection of life itself – a beautiful blend of joy, lessons, growth, and transformation.

As we look forward to the road ahead, I am filled with excitement and anticipation. The future holds endless possibilities, and I am confident that together, we will continue to redefine the automotive landscape, innovate ceaselessly, and make a lasting impact that transcends business boundaries.

To all you exceptional members of the CARS24 family, thank you. Your passion, dedication, and unwavering support have been the bedrock of our journey. As we raise a toast to 8 magnificent years, let's take a moment to appreciate just how far we've come and the memories we've woven into the fabric of our story. Here's to countless more years of driving change, embracing challenges, and accomplishing greatness together!

With heartfelt gratitude and boundless pride,

Vikram

The founders' eighth anniversary video is no longer accessible and is not included.

Related note sent on Cars24's birthday by Vikram Chopra, 12 August 2024.

Dear Autonauts,

I want to talk to you about something really important - your career growth at Cars24. We’re fully committed to helping each of you grow, and I want to share how we’re working on it.

For a long time, I used to think that roles like CJ didn’t have many growth options beyond doing inspections. Roles like RA or CA also seemed to have only one way forward - becoming a Team Leader or maybe a Zonal Manager. But I was wrong.

There are so many more possibilities.

Just in the last two weeks, I’ve met many smart people in our frontline teams across GS, C2B, NBFC, Fourdoor, and other areas who could easily move from frontline roles into HR, training, marketing (like content, branding, product, and consumer insights), data roles, product management, and even tech.

I’ve opened my mind to these possibilities, and I want you to do the same. We’re committed to giving these opportunities to our own team members first, before looking outside. Of course, you’ll need to go through proper interview rounds, and everything will be based on merit.

In many roles, we’ll focus more on your willingness and drive than on your current skills. If you’re selected based on your potential and past performance, we’ll invest in your training to help you build the necessary skills. This could even include company-sponsored courses.

Opportunities will depend on what the business needs, but I encourage you to start thinking about where you want your career to go. We’re here to support you and work hard to help you achieve your goals. That’s my personal commitment to you all.

Let’s build our future together.

Best regards,

Vikram

Chief Autonaut

Original email by Vikram Chopra, 12 August 2025.

To my fellow Autonauts,

After 10 years of building CARS24, people often ask: What keeps you going? The answer is simple…. and hard.

Growth.

The kind that humbles you. The kind that kicks you in the gut.

The kind that shows up as failure, embarrassment, doubt, and pain.

But also as learning. As aliveness. As the quiet dopamine hit of becoming better than you were a year ago.

Here are 10 learnings I carry with me in our 10th year.

1. Failure is Fine

You can’t win without failing many times. “Fall 10 times, get up 11.” We’ve had ideas that went nowhere. Some real stinkers. But we showed up again. And again.

It takes courage to fail. It takes even more to keep going.

2. Growth Lives in Discomfort

Embarrassment? Good….that means you’re learning.

Pain? Even better ….that means you’re pushing.

My coach once said: “If it doesn’t hurt, you’re not growing.”

Same goes for work. Same goes for life.

Short-term pain = long-term gain.

Short-term comfort = long-term regret.

3. Own Everything

No one is responsible for my life but me. Not luck, not fate, not the market.

That’s the active mindset

It’s how people rise from poverty or disability and do extraordinary things.

It’s not magic. It’s mindset.

4. Culture is the highest leverage work

A company is a living system. And culture is the operating system.

That’s why we introduced period leaves (“Flow time out”), compassion policy. Autonaut scholarships, Mental and physical wellness programs, and Crashfree India.

Because when you change the culture, you change the system.

5. Be Compassionate Carlos

We can be demanding. We must be ambitious. But let’s also be kind. My son learns about “Compassionate Carlos” at school. I think we should too. Kindness is not soft. It’s a strength, especially in high-performance teams.

6. Vision Is Felt. Data Is Not.

A $100 billion number is impressive.

But what truly inspires is a father walking into a showroom to buy a car in memory of his son, something his son would’ve been proud of.

That’s what “Better drives, better lives” really means.

7. Outcomes > Activity

Activity without outcome is just motion. It feels like progress but it isn’t. Ask yourself: What did I really get done today ?

If the answer is fuzzy, it’s a signal. Sharpen it. Deliver.

8. Feedback Is Gift

Feedback isn’t criticism. It’s not negativity. It’s an improvement. At first, it stings. Then, it saves you.

That’s why we built the [internal customer-experience channel] so we could face the hard truths together. And get better, faster.

9. Don’t Worship the Status Quo

Too often, we do things just because “that’s how it’s always been done.”

That’s not a reason. That’s an excuse.

Think from zero. Ask: If nothing existed, how would I build it today ?

That’s first-principles thinking. That’s how we innovate.

10. Give First. Get Later.

Most people wait to receive before they give.

What if we flipped that?

Give your time. Give your respect. Give your energy.

To the field exec who woke up at 6AM.

To the teammate debugging late into the night.

To someone who’s struggling.

Give first. Always. And you’ll be amazed by what comes back.

That's for the 10 learning.

In the end - yes, I’m going to say it: We’re just getting started. And here’s why.

There’s that famous riddle:

Would you rather take ₹1 crore today , or start with 1 paisa that doubles every day for 30 days?

Most people take the crore.

But if you wait it out, that paisa becomes over ₹5 crore on Day 30.

Here’s the kicker:

Until Day 27, the crore still feels like the smarter choice. But then… compounding kicks in.

That’s exactly where we are.

This is how we’ll become a $100 billion company … by exponential compounding. Compounding is the 8th wonder of the world.

To every Autonaut, from the earliest believers to those who joined yesterday

Thank you.

Vikram

The year-eleven letter is already public. Read it here.

Company-wide Slack note, 24 July 2016.

All communications/feedback to your teams should be as a positive reinforcement and not a negative criticism.

We have been very quick to pass negative comments to the owner of that particular centre, parking, dealer etc. which sometimes borders on the abusive as well. Let's appreciate our teams for what they do. Let's make Cars24 a loving, cordial environment to work in.

Vikram Chopra, 15 September 2018.

Do you have this mentality? Called founder mentality?

People with "founder mentality" can't rest once a problem or opportunity is identified.

They take on personal responsibility without complaint, learn and recruit skills as needed, and deliver results despite politics.

There is unlimited global demand for founder mentality.

My personal take on founder mentality is as follows: we all work 9-12 hours a day. That's like 35%-50% of our life. If you value your life, you value your time. And if you value your time, then you will never spend your time idling away or doing something mediocre. I hope you get my point.

On 14 March 2019, Mehul called Rajeshree a "True embodiment of Founder's Mentality." That year Vikram also shared an argument that management can be noble when it helps people learn, grow, take responsibility and do better work, and wrote that teams and people cannot be outsourced to HR.

International expansion became explicit in September 2020. In a people note that July, Mehul asked Sonam to "Keep teaching us how to be more human in everything that we do." Both ideas were alive at the same time.

In August 2021, Vikram shared an investor-run customer survey with the channel. It recorded falling NPS, problems with pricing, quality, documentation and communication, and a competitor leading on several experience measures. The customer evidence was put in front of the company in the same year Cars24 announced a $2 billion valuation.

Vikram shared a detailed note from a seven-year frontline colleague who identified lost conversion, explained specific customer problems and proposed process changes. It was an early live example of a person closest to the problem choosing it and staying with the solution.

Better Drives, Better Lives became an explicit company vision, framed around freedom and happiness for customers, scale, simplicity and sustainability. Founder mindset described someone who builds systems with minimal founder involvement. Integrity processes were stated to apply to everyone, including Vikram.

Mehul Agrawal, 13 August 2025.

Our journey to build a 100bn company will need 100 founders not 4. Let's continue building this as our own, like true founders. It's the spirit, not the designation that matters.

Flatland removed bands, grades and titles, and made Builder the common role. Cars24 removed variable pay because it would rather run on ownership and honest feedback than on fear of losing earned pay. Vikram also wrote that the company was "nowhere near" the Flatland ideal. The year-eleven letter adds one more part: the founder's promise to stand beside a Builder whose sincere call fails.