The AI-powered algorithms used by the centre will ensure accurate vehicle valuation, the company said
CARS24, an e-commerce platform for pre-owned vehicles, on Friday launched its first engineering research and development centre here.
The centre will focus on developing cutting-edge solutions for used vehicle inspection, refurbishment, and reconditioning, it said in a statement, adding that it will employ engineers and specialists from across the country.
The AI-powered algorithms used by the centre will ensure accurate vehicle valuation, the company said.
"In addition to developing advanced technological solutions for vehicle inspection and valuation, the centre will analyse data on pre-owned vehicle sales and market trends, providing statistical models and machine learning algorithms that will predict future demand for certain types of vehicles, identify growth opportunities, and optimise pricing strategies", the statement added.
Bagla did not comment anything on this issue
The company plans to utilise the funds for onward lending to the micro-entrepreneurs
The investment is expected to help Lenskart expand its reach and market share, both in India and abroad