CARS24 raises $450 mn, nearly doubles its valuation to $1.84 bn

Topics Cars24 | Used car market

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.

--IANS

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(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.)


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