Used-car marketplace Cars24 has announced a major push into artificial intelligence with the launch of Cars24 Labs, backed by a $20 million investment. Founder and CEO Vikram Chopra described the initiative as the company’s biggest strategic bet, emphasizing that AI will redefine how businesses compete over the next few years.

Cars24 Labs will serve as a build, partner, and investment platform focused on advancing AI innovation. The company has already partnered with leading AI and technology players including OpenAI, ElevenLabs, and Amazon Web Services (AWS). Alongside these collaborations, the Labs division will develop proprietary AI products, release open-source models, and support promising early-stage AI startups through investments and incubation.

As part of its AI-first vision, Cars24 recently hosted Token’26, its inaugural AI hackathon, attracting more than 1,000 applicants. From these, 100 participants were selected for an intensive 72-hour innovation sprint.

Jayesh Gupta will lead scientific research and innovation efforts at Cars24 Labs. The company also unveiled “Flatland,” a new organizational model where AI manages coordination and employees focus exclusively on building and innovation.