New Delhi, Nov 25th, 2020: Online used car marketplace CARS24 raises USD 200 million (around Rs 1,480 crore) in its latest funding round, led by DST global.
Other existing investors including Exor Seeds, Moore Strategic Ventures, and Unbound also participated in this round.
The latest round of funding raises Cars24 valuation at over USD 1 billion.
The funding will be used to invest aggressively in technology and product innovation and scale new business verticals, it added.
The company has raised a total funding of USD 400 million till date from investors including Sequoia India and Kingsway Capital. Last year, it had also raised funds from cricketer M S Dhoni.
With annual transactions exceeding 2,00,000 units and a 4X increase in website engagement, the company has already surpassed pre-COVID levels, it said.
“With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties – with sellers getting the best value for their car, and buyers getting to choose from a wide assortment of automobiles,” CARS24 co-founder and CEO Vikram Chopra said.
Founded in 2015, CARS24 has a presence across four and two-wheeler segments. In the pre-owned four-wheeler segment, the company”s annual transactions already exceed 2 lakh units.
It recently forayed into used two-wheelers category, and in less than 6 months of operations, the company has already transacted over 3,000 two-wheeler units.
“CARS24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment,” Rahul Mehta, managing partner at DST Global, said.
CARS24 also acquired an NBFC license last year for its financing business and is now providing quick and easy loan plans with two-hour disbursals, the statement said.
In July this year, Cars24 Financial Services a subsidiary of Cars24 Services had secured a debt funding of Rs 10 crore from Vivriti Capital.