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Business EconomyPosted at: Sep 20 2021 4:20PM


Cars24 raises $450 million, nearly doubles its valuation to $1.84 billion

Bengaluru, Sep 20 (UNI) Cars24, India's leading e-commerce platform for pre-owned vehicles, Monday announced the closing of a $450m round of funding including a $340m Series F equity round alongside $110m debt from diversified financial institutions.
The Series F equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund-2 along with participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds.
With the latest investment, Cars24 will expand its global presence as well as further build its cars, bikes and financing business in India, while continuing to invest in technology that delivers the best customer experience possible.
"With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year," Cars24 Co-Founder and CEO Vikram Chopra said.
This funding and vote of confidence from top global investors comes just months after CARS24’s expansion into the UAE and Australian markets.
The company has already sold over 1000 cars in the UAE since the launch of its operations in April this year. Cars24 also officially announced its launch with a new campaign last week in Australia.
Founded in 2015, Cars24 exists to transform the way consumers buy and sell cars by leveraging technology at every leg of the consumer journey to solve genuine pain points and deliver a seamless experience.
Cars24 is the market leader in the online used car segment with over 90 per cent market share, and has clocked more than 13m monthly traffic and over 4 lakh transactions till date.
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Tags: #Cars24 raises $450 million# nearly doubles its valuation to $1.84 billion
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