Mobility & Travel of the Future: Company presentation by Mehul Agrawal, CARS24 at the NOAH Conference Berlin 2019, 13-14 June - STATION.

1. BUILDING INDIA’S
LARGEST AUTO-
TECH PLATFORM

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3. CARS24 – The Blitzscalers
0
5000
10000
15000
20000
25000
30000
35000
40000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
400%+ CAGR
150,000+
cars/year
$500mn+
GMV Run-rate
3x growth
in FY19
Cars per quarter since inception

4. Indian Used Car Market presents a $100bn TAM today
4.5 MM+ used cars sold in 2018
India used car market
~100B USD
Massive
3:1 in Mature market
Used cars: New cars
1.3:1
Early
4.6% in U.S. market
YoY Growth
15%+
Fast-growing
#Monthly transactions ~ 10
Unorganized & Organized Dealers
40K+
Fragmented
Source: Indian Blue Book, India Pre-owned Car Market Report, 3rd Edition 2019, Economic Times and industry estimates.

5. Used-to-new
car sale ratio Market Leader
Respective
Market Cap
Market size of
used car sale
2018A
$140B
2018A
$300B
2025E
$70B
~$10B
~$3.5B
Car ownership
per 1000 peoplePopulation
1.3B
1.4B
500M 520
170
22 1.3 1
0.5 1
3 1
Transaction space alone has massive room for growth to become ~$70B by 2025
Source：Capital IQ, ACEA, CADA. Statista, TH Capital’s Research

6. Unorganized used car dealers in India: small & fragmented mom & pop shops
40,000+ small and
fragmented dealers
• Control 70%+
market share
• No organized
player of size
5-15 cars a month
• Low volume,
small shops
20-30% margin
play
• Between seller
and final buyer

7. Supply side is broken and riddled with challenges
C2B
WHAT SELLER WANTS
• Fair Price
• Trust
• Convenience
• Title Transfer
WHAT DEALER WANTS
• Stable and Large Supply
• No Lemons
• Title Check
• Financing

8. Sell your car in one visit – seamless proposition for car sellers
• Fair and honest inspection
• Proprietary inspection app
• Live auction with 1000s of dealers
• Best price via competition
• Instant Payment
• Full documentation managed by CARS24
Scientific Inspection
Book Appointment at an inspection point
• 150+ inspection points in 35+ cities
• <15 min away from a consumer
$$$
$$
$$
24mins
2 mins
Live Online Auction
24mins
Transaction Closure
12mins
~1 hour
$$$ Received

9. 100% Digital sales via live online auctions – zero friction sourcing for a dealer
Views auctions on the app Participate in auctions Doorstep car delivery
• Access the largest supply of cars
digitally
• Guaranteed & detailed inspection
report
• Short 24 min real time and online
auctions to discover the price
• Dynamic price calibration with the
market
• Fully online transaction process
• Dealer gets door step delivery
with full documentation
Our process is frictionless and involves least effort in sourcing for dealers

10. Tech based solutions and intensive automation scaling the business end to end
Inspection
app
• Conducting inspections in the shortest time
- Impacts customer experience – wait time, and employee productivity
• Minimizing errors in inspection
- Intelligence to detect the car features, triangulating key issues etc
Backend
Systems
• ‘Lemon’ check integrations
- Instant background check, service history check, title documents check
• Operations/Fulfilment systems
- Parking yard management, Logistics tracking (including inter-city),
Documentation management, inventory management, payment management
• Auction Management systems
- Dealer app, lead management system
Data
Intelligence
• Pricing engine optimization – Kelley Blue Book of India
• Recommendation engine to match cars to dealers
• Lending risk modelling

11. CARS24 – The Blitzscalers
0
5000
10000
15000
20000
25000
30000
35000
40000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
400%+ CAGR
150,000+
cars/year
$500mn+
GMV Run-rate
3x growth
in FY19
Cars per quarter since inception

12. CARS24 has the largest retail as well as sales network for used cars in India
~225+
Dealer Cities
~3500+
Dealers
~150+
Branches
~35+
Cities
~50% sales comes from intercity transactions

13. Inspection points are simple, minimalistic and cost efficient
Investment
• <$5000
Location
• Non high street
• Ex. Gas stations
Size
• ~1000 sq. ft
Breakeven time
• First month of
operations

14. Dealers are highly engaged & hooked on to our auction platform
1951
3343
4443
Daily Weekly Monthly
12%
23%
34%
30% >120 Mins
60-120 Mins
30-60 Mins
1-30 Mins
Avg. time spent per dayActive users on the app
15%
35%
30%
13%
7%
1000+ Bids
501-1000
Bids
201-500
Bids
51-200 Bids
<=50 Bids
# bids placed per month
Dealers collectively spend ~100,000+ hours on app every month

15. CARS24
‘UNNATI’
`
Instant 60
Days
W
orking
Capital
Eligible
on
~100%
Cars
Data
driven
creditm
odeling
~50%
dealer base
penetrated
already
5,5
7,1
Pre enlisting Post enlisting
30%
50%
Finance Penetration
Jan-19 May-19
~30%
#Cars per month by Financed Dealers
~20%
ZERO NPAs out of 30,000+ cars financed till date; Profitable at EBITDA level
CARS24 also runs an in-house dealer financing program called ‘UNNATI’
UNNATI has been instrumental to drive dealer growth and dealer loyalty

16. CARS24 is the only player with transaction led approach in Indian market
Classified
Information
Transaction
Oriented
C2B
B2C
~$13B
C2C
~$10B
~$3.5B
Source：Yahoo Finance

17. 32%
21%
4% 4% 4%
2%
Top-of-Mind Brand Awareness
What's the first name that comes to your mind when you think of selling your car?
CARS24 has already built highest awareness in the industry
Source: Consumer Brand Research study conducted by 64inspired consulting – Feb’19

18. Data
Service
User
Comprehensive Auto Trading Platform
Our vision is to create India’s largest auto-tech platform
Potential to generate $1B+ EBITDA by 2025

19. A
Backed by the best partners
Founders of Fiat Chrysler & FerrariAmerican venture capital firm
APOLETTO
DST- Yuri Milner’s Founders Fund

20. THANK YOU!

21. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 10th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
30 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE®
The NOAH Advisors Core Banking Team
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Associate
Lukas Schlund
Analyst
December 2014 October 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
October 2016
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
December 2016
August 2017
Financial Advisor to Silver Lake
Financial Advisor to EMK Capital
Investment in
Acquisition of a Majority Stake in
by
by
at a valuation of $200m
November 2019 July 2019
September 2018
Financial Advisor to MagicLab
Financial Advisor to AU10TIX
and its shareholders
Financial Advisor to 10bis
and its shareholders
Acquisition of a 79% stake in $60m Investment in
Sale of 100% in
by
at a valuation of ~$3 billion
at a valuation of $260m by
for €135m to
10Bis