Cars24 almost doubles its valuation to 1.84 billion US dollars
Cars24 Services, India's largest online marketplace for used cars, has secured a 450 million dollars round of investment, nearly doubling its worth to 1.84 billion dollars. According to the business, the investment consists of a 340 million dollars Series F equity round and 110 million dollars in loans from several 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 will use the new funding to grow its global footprint as well as expand its car, bike and loan businesses in India, all while continuing to invest in technology that provides the best possible customer experience.
Cars24 was founded in 2015 with the goal of changing the way people buy and sell vehicles by utilising technology at every stage of the buying and selling process to alleviate actual pain points and provide a seamless experience. Cars24 is currently the industry leader in the online used vehicle category, with a market share of over 90 percent and over 13 million monthly visitors and over 4 lakh transactions period.
Vikram Chopra, Co-founder and CEO of 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."
Cars24 just expanded into the UAE and Australian markets and this financing and expression of confidence from major global investors came just months later. Since beginning operations in April of this year, the firm has sold over 1000 automobiles in the UAE. Last week, Cars24 launched a new ad in Australia to officially announce its arrival.