India, June 1 -- IPO-bound used car marketplace Cars24 has committed $20 Mn (Rs.189.8 Cr) to its recently launched initiative, AI Labs, a dedicated initiative focused on building AI-first products.

Cars24 Labs will be its "build, partner, and investment arm", and the company said in a statement that this launch is its attempt to make India a place where frontier AI gets built, beyond consumption.

In a statement, Cars24 said that the initiative bids to take the AI operations in-house to external parties. With the initiative, it bids to help founders and builders leverage AI to further their entrepreneurial journeys. Via the new platform, Cars24 will also invest and incubate early-stage startups.

It has partnered with OpenAI, ElevenLabs,...