fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Featured

India’s used-car sales platform Cars24 raises colossal funding of $450 million soars to $1.84 billion valuation

AsiaTechDaily Writer by AsiaTechDaily Writer
22 September 2021
in Featured, Marketplaces & E-commerce
0
Cars24
60
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

Cars24, the online marketplace for used vehicles in India has secured $450 million in a fresh funding round led by SoftBank Vision Fund II, DST Global, Falcon Edge. The funding round also saw participation from Tencent and the existing investors Moore Strategic Ventures and Exor Seeds.

The new funding round was a mix of $110 million as debt component and $340 million as equity. The debt component has come from a mix of financial institutions. Post this funding round the valuation of the startup has increased to $1.84 billion, which is almost twice the previous valuation.

According to Vikram Chopra, Co-founder and CEO of Cars24 “Traditionally, car selling or buying have been a tiresome process, and only 2 out 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.”

This is one of the largest funding round that the startup has ever experienced. The company plans to use this fresh funding to expand its presence in the global market and to build further its cars, bikes, and financing business in the country. Cars24 will continue to invest in technology to enhance customer experience.

The fresh funding has come after the company’s expansion in Australian and UAE markets. Cars24 has already sold over 1000 cars in UAE since its launch in April 2021 in the country.

About Cars24

The unicorn startup was founded by Mehul Agarwal, Ruchit Agarwal, Gajendra Jangid, and Vikram Chopra in 2015.

Cars24 is one of India’s largest used-vehicles sales marketplace that aims to revolutionize the way used cars are sold by creating a reliable and efficient way for vehicle owners to sell their used vehicles at a reasonable price. The startup uses an AI-enabled pricing algorithm that displays the accurate market price as well as the appraisal price of the vehicle. The users can also book an appointment for their vehicle inspection on the Cars24 platform.

Cars24 has over 13 million per month traffic and has recorded more than 400,000 transactions to date. The company has also obtained NBFC (non-banking financial company) license and is now offering consumer lending with Cars24 Financial Services and BIKES24, for the two-wheeler segment.

The startup had previously secured $200 million in Series E round that was announced in November 2020 which was led by DST Global that elevated the startup to the unicorn category.

Tweets by cars24india

Previous Post

India-based FinTech Razorpay receives strategic investment from Salesforce Ventures

Next Post

Chinese robotics startup Hai Robotics gathers $200m in funding

Related Posts

edit post
Auros
Featured

Trading platform Auros receives $17m in latest funding round

March 27, 2023
edit post
Gaspack
Featured

Gaspack scores additional funding from eMerge, Arise

March 27, 2023
edit post
Korean startup AITest.AI has established itself as a market leader in training to meet the growing demand for education in AI system testing. Recently, AITest.AI launched an innovative AI-testing training course on Udemy, a global e-learning platform, and has attained the topmost position in this field.
AI & Big Data

AITest.AI Emerges as Global Leader in Artificial Intelligence System Testing Training

March 28, 2023
edit post
PhonePe
Featured

Indian fintech PhonePe raises $200m more from Walmart

March 21, 2023
edit post
Antler
Featured

Antler to invest in over 30 startups in Indonesia this year

March 21, 2023
edit post
WeBudding
Content & Games

Korean startup WeBudding partners exclusively with the most popular free app Goodnotes 5 to provide Korean digital stationery content to users globally

March 17, 2023
Next Post
edit post
Hai Robotics

Chinese robotics startup Hai Robotics gathers $200m in funding

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback