Cars24, an e-commerce platform for pre-owned vehicles, on Monday, September 20 announced the closing of a $450 million round of funding. This includes a $340 million Series F equity round alongside $110 million debt from diversified financial institutions, with the company’s valuation nearly doubling to $1.84 billion.
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 said it 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.
This funding and vote of confidence from top global investors comes just months after Cars24’s expansion into the UAE and Australian markets. According to the company, it 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.
Vikram Chopra, Co-founder & 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,” he added.
Founded in 2015, Cars24 wants to transform the way consumers buy and sell cars by leveraging technology. Cars24 claims to be the market leader in the online used car segment with over 90% market share, clocking more than 13 million in monthly traffic and over 4 lakh transactions to date.