Online Firm Cars24 raises $50 Million For the Purpose of Expansion
Online marketplace for the sale and purchase of second-hand cars ‘Cars24’ has raised funds amounting to $50 million (Rs 340 crore). The latest funding round was led by Sequoia Capital.
The other existing investors that participated in the funding round were Cayman Islands-based Kingsway FCI Fund and Toronto-based KCK Global. After this round, the market valuation of the company is expected to reach around $250 million.
The Gurugram based firm is planning to use these funds for the purpose of boosting up its expansion plans. Cars24 is based on an asset-heavy customer-to-business (C2B) model, in which it purchases used cars from individuals and dealers and sells them to other dealerships.
Since its establishment in 2015, the company has sold around 1,00,000 cars.
The founders of th...