BENGALURU: India’s used car online marketplace is attracting attention from big venture capital funds since the onset of the pandemic. On Monday, Cars24, which entered the unicorn club last year, announced the closing of $450 million fundraising round( Series F) which was led by SoftBank Vision Fund 2, DST Global and Falcon Edge Capital at a $1.84 billion valuation.
The e-commerce firm said that the investment round included a $340 mn Series F equity round alongside $110 mn debt from diversified financial institutions.The funding round also saw the participation of Tencent along with existing investors Moore Strategic Ventures and Exor Seeds.
The startup, which primarily started-off as a marketplace for selling refurbished cars, also expanded to provide servicing and insurance to these cars. Cars24 is now a one-stop shop for both selling as well as helping buyers source finance options to purchase used cars.
With the latest investment, Cars24 said that 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.
Besides India, Cars24 had a phenomenal success rate in Australia and UAE. The company has already sold over 1,000 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.
“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,” Vikram Chopra, Co-founder & CEO, Cars24, said.