CARS24 raises US$ 450 million from DST Global, Falcon Edge, SoftBank Vision Fund 2 and others
New Delhi : E-commerce platform for pre-owned vehicles CARS24 on Monday said that it has secured US$ 450 million funding from a clutch of investors including DST Global, Falcon Edge and SoftBank Vision Fund 2.
The fresh funds comprise a $340 million series F equity round and $110 million debt from diversified financial institutions.
With this, the start-up’s valuation has nearly doubled to US$ 1.84 billion.
“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,” said CARS24 in a statement.
“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.
CARS24 Co-founder and CEO Vikram Chopra said that with fresh funds company will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year.
The start-up founded in 2015 had a few months back expanded operations to the UAE and Australian markets. It has sold over 1000 cars in the UAE since the launch of its operations in April this year.
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. They have emerged as the undisputed leader in the used car space in India and early traction in international markets is exceeding expectations. We love backing founders who are bold and ambitious thinkers and couldn’t be more excited to enter the second innings of our long-lasting partnership with CARS24.”
The other investors Navroz D. Udwadia, Co-founder of Falcon Edge Capital and Munish Varma, Managing Partner, SoftBank Investment Advisers lauded the efforts of CARS24 in transforming the used car retailing in India.
