Cars24 raises $ 450 million funding; valuation nearly doubles to $1.84 billion
In a Series E funding in November last year, the company has raised $200 million and prior to this it had raised $400 million previously
Cars24 said it has raised $450 million which is about Rs 3,321.3 crore in funding from DST Global, SoftBank Vision Fund 2, Falcon Edge and others, facilitating the pre-owned vehicles’ e-commerce platform to double its valuation to $ 1.84 billion. The series F round of funding was a mix of $ 340 million in equity and $ 110 million in debt, athe company said in a statement. While the equity round funding came from the likes of DST Global, Falcon Edge and SoftBank Vision Fund 2, the debt funding came from diversified financial institutions.
The latest investment will expand the global presence of CARS24 as well as further build its cars, bikes and financing business in India, and at the same time continue to invest in technology that delivers the best customer experience possible, it said.
Expansion overseas
Cars24 has also procured a Non-Banking Financial Company (NBFC) license and launched consumer lending business with Cars24 financial services and two wheeler segment, BIKES 24. It has clocked above 13 million monthly traffic and over 4 lakh transactions till date.
The company is backed by marquee investors like SoftBank, Sequoia India, Falcon Edge, Exor Seeds, DST Global, Kingsway Capital, Unbound.
With this investment, Cars24 will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year, it added.
The funding comes just months after Cars24’s expansion into the UAE and Australian markets. 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.
In a Series E funding in November last year, the company has raised $200 million and prior to this it had raised $400 million previously. The company has closed its largest funding till date.