The funding round includes a US $ 340 million Series F equity round, coupled with US $ 110 million debt from multiple financial institutions, the company confirmed.
India’s largest online marketplace for used automobiles, Cars24 Services has closed a US $ 450 million round of funding that has almost doubled its valuation to US $ 1.84 billion. The funding round includes a US $ 340 million Series F equity round, coupled with US $ 110 million debt from multiple financial institutions, the company confirmed.
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.
Cars24 aims 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.
Vikram Chopra, Co-founder and CEO, CARS24, said, “Just last month, we celebrated our six successful years of operations and we are incredibly excited to share that CARS24 has officially closed its largest round of funding to date. Traditionally, car selling or buying have been a tiresome process, and only 2 of 100 people own cars in India. However, over the last six years, we have been working continuously towards fulfilling the dreams of many Indians to own a car by transforming the customer's journey- 'the CARS24 way' that is hassle-free, safe and transparent. 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.”
The online marketplace for used automobiles 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 in Australia with a new campaign last week.
Rahul Mehta, Managing Partner, DST Global, said, “CARS24 is at the forefront of transforming the way consumers buy and sell cars by providing a unique end-to-end digital shopping and transaction experience. They have emerged as the undisputed leader in the used car space in India and early traction in international markets is exceeding expectations. We love backing founders who are bold and ambitious thinkers and couldn’t be more excited to enter the second innings of our long-lasting partnership with CARS24.”
Founded in 2015, CARS24 aims 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 has been built around a “buying-in, fixing up, and then reselling”. This model gives Cars24 an edge over some of the shortcomings that exist with traditional players.
The brand claims to have close to 90 percent of the online used car segment and has registered more than 13 million monthly traffic and over 4 lakh transactions until now.