IBEF: September 21, 2021
CARS24, India's leading used car e-commerce platform, has raised US$ 450 million in funding, comprising a US$ 340 million Series F equity round and US$ 110 million in debt from various financial institutions.
DST Global, Falcon Edge, and SoftBank Vision Fund 2 led the Series F equity round, which also included Tencent and previous investors Moore Strategic Ventures and Exor Seeds.
CARS24 intends to use the new funding to grow its global footprint as well as develop its car, bike, and loan businesses in India, all while continuing to invest on technology that provides the best possible customer experience.
"With this funding, we will continue to penetrate into existing car, bike, and finance business in India while moving into new international regions this year," stated Mr. Vikram Chopra, Co-founder and CEO of CARS24.
CARS24 just expanded into the UAE and Australia, and this financing comes only months after that.
Since beginning operations in April of this year, the firm has sold over 1,000 automobiles in the UAE.
Last week, CARS24 launched a new ad in Australia to officially announce its arrival.
CARS24 is the industry leader in the online used vehicle category, with a market share of over 90% and over 13 million monthly visitors and over 4 lakh transactions to date.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.