CARS24, India's leading e-commerce platform for pre-owned vehicles, has closed a $450 million round of funding, including a $340 million Series F equity round alongside $110 million 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 plans to 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.
Speaking on the development, Vikram Chopra, Co-founder & CEO, CARS24 said: "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."
This funding 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.
CARS24 is the market leader in the online used car segment with over 90 per cent market share, and has clocked more than 13 million monthly traffic and over 4 lakh transactions till date.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.