CARS24 raises USD 450 million at USD 1.84 billion valuation – ET Auto

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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.

New Delhi: Online pre-owned vehicle platform CARS24 on Monday announced the closing of a USD 450 million round of funding including a USD 340 million Series F equity round and USD 110 million debt from diversified financial institutions.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 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, the company said in a statement.

Vikram Chopra, Co-founder and 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.”“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 said.

Rahul Mehta, managing partner at DST Global, said, “CARS24 is at the forefront of transforming the way consumers buy and sell cars by providing a unique end-to-end digital shopping and transaction experience.”

Navroz D Udwadia, co-founder of Falcon Edge Capital said, “We have studied used car platforms globally and are struck by the similarities we see between CARS24 and analogous businesses that have scaled successfully. CARS24 has cemented its first-mover advantage by building wide-ranging supply side moats, which in turn drive demand liquidity on the platform.”

Munish Varma, managing partner, SoftBank Investment Advisers, said, “CARS24 is building a data-enabled tech platform that is organizing the fragmented used car market in India. We have been closely tracking its approach and efforts that have disrupted the used car retailing in India.”

Founded in 2015, CARS24 expanded its operations into the UAE in April and the Australian markets last week.



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