- Cars24 – an India-based used-vehicle platform – recently announced it raised $400 million at a $3.3 billion valuation. These are the details.
Cars24 – an India-based used-vehicle platform – recently announced it raised $300 million in Series G funding and $100 million in debt at a $3.3 billion valuation. This funding round comes only three months after Cars24 raised $450 million ($340 million in Series F and $110 million in debt).
Alpha Wave Global co-led this round along with the previous round under its previous name Falcon Edge Capital. The other investors in this round were undisclosed. DST Global, SoftBank Vision Fund 2, Alibaba, and Tencent were investors in some of the company’s previous rounds.
Cars24 has about a 90% market share for the used-car market in India. Along with offering a search engine to find cars, the company also has financing options and logistics services to deliver vehicles to the buyers.
Gajendra Jangid, the company CMO, co-founded the company with CEO Vikram Chopra, Mehul Agrawal, and Ruchit Agarwal. Jangid said that the primary use of the funding will be used for strengthening their presence in India and in the countries where they expanded
“We are excited to back Cars24 yet again as they continue to cement their leadership positions across India, UAE, Australia and other international markets,” said Alpha Wave co-founder and partner Navroz Udwadia. “CARS24’s robust competitive moats across in-house reconditioning, access to the widest assortment/supply and deep data science drive a delightful customer experience, and reflects in its best-in-class NPS. We believe this investment will help CARS24 fortify its moats even further and scale 10x from here over the next few years. We remain impressed by the team’s vision and execution, and are delighted to deepen our partnership with CARS24.”