Cars24 Raises $400 Million in Funding From Financial Institutions

Leading e-commerce platform for pre-owned autos Cars24 on Monday mentioned it has raised $400 million (roughly Rs. 3,040 crore) from varied monetary establishments.

The firm mentioned it has closed a $400 million (roughly Rs. 3,040 crore) spherical of funding together with a $300 million (roughly Rs. 2,280 crore) Series G fairness spherical alongside $100 million (roughly Rs. 760 crore) debt from diversified monetary establishments.

This spherical is Cars24’s third in simply over a 12 months and values the used automobiles e-commerce participant at $3.3 billion (roughly Rs. 25,060 crore) about double the valuation from its earlier spherical in September 2021, it famous.

The Series G fairness spherical was led by return investor Alpha Wave Global (previously referred to as Falcon Edge Capital) together with participation from different present traders, Cars24 acknowledged.

Cars24 raised a cumulative debt-funding of $100 million (roughly Rs. 760 crore) throughout India, Australia, and the UAE. “Today’s news is just another step in Cars24’s journey; we’re in it for the long haul, and we look forward to continuing our work of creating a frictionless consumer experience for used car customers,” Cars24 Co-founder and CEO Vikram Chopra famous.

Cars24 has aggressive plans for 2022 and past, and the corporate can not wait to place this funding to work, he added.

“Today, we are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car. As we continue to build the best infrastructure for the future with an end-to-end digital customer experience, we are confident that this will delight our customers with our high-touch industry experience,” Chopra acknowledged.

The funding can be utilised to gasoline the model’s world enlargement within the Middle East, Australia and Southeast Asia, and to additional strengthen its foothold within the Indian market.

In addition, Cars24 will proceed to boost its superior know-how and construct a gold commonplace for high quality used automobiles globally, it famous.

The firm not too long ago introduced the launch of seven Mega Refurbishment Labs (MRLs) in India – an trade first, and one MRL within the UAE which is amongst Dubai’s largest ever industrial leasing offers. “We are excited to back Cars24 yet again as they continue to cement their leadership positions across India, UAE, Australia and other international markets..We believe this investment will help Cars24 fortify its moats even further and scale 10x from here over the next few years,” Navroz D Udwadia, Co-founder and Partner of Alpha Wave | Falcon Edge Capital mentioned.

Founded in 2015, Cars24 has a presence in India, the Middle East, Australia and Southeast Asia.