Cars24 raises $ 400 million in latest round of funding from financial institutions
The leading e-commerce platform for used vehicles, Cars24, said on Monday it had raised $ 400 million (around Rs 3,040 crore) from various financial institutions.
The company said it has closed a $ 400 million (roughly Rs 3,040 crore) round of funding that includes a $ 300 million (roughly Rs 2,280 crore) round of funding from Series G as well as $ 100 million. (about Rs 760 crore) of debt with diversified financial institutions.
This round is Cars24’s third in just over a year and values ââthe used car e-commerce player at $ 3.3 billion (around Rs. 25,060 crore) or roughly double the valuation of its previous cycle in September 2021, he noted.
The Series G funding round was led by yield investor Alpha Wave Global (formerly known as Falcon Edge Capital) with input from other existing investors, Cars24 said.
Cars24 has raised cumulative funding of $ 100 million (approx Rs. 760 crore) in India, Australia and the United Arab Emirates. âToday’s news is just another step in Cars24’s journey; we are for the long haul, and we look forward to continuing our work to create a frictionless consumption experience for used car customers, âsaid Vikram Chopra, Co-Founder and CEO of Cars24. .
Cars24 has ambitious plans for 2022 and beyond, and the company looks forward to building on this investment, he added.
âToday we are seeing greater acceptance among customers around the world for our platform when purchasing their next car. As we continue to build the best infrastructure for the future with a customer experience digital end-to-end, we are confident that this will delight our customers with our highly tactile industry experience, âsaid Chopra.
The investment will be used to fuel the brand’s global expansion in the Middle East, Australia and Southeast Asia, and to further strengthen its presence in the Indian market.
In addition, Cars24 will continue to improve its superior technology and set a gold standard for quality used cars globally, he noted.
The company recently announced the launch of seven Mega Refurbishment Labs (MRLs) in India – an industry first, and one MRL in the United Arab Emirates, which is among the largest commercial rental transactions ever completed by Dubai. âWe are delighted to support Cars24 once again as they continue to consolidate their leadership position in India, United Arab Emirates, Australia and other international markets. years “, Navroz D Udwadia, co-founder and partner of Alpha Wave | said Falcon Edge Capital.
Founded in 2015, Cars24 is present in India, the Middle East, Australia and South East Asia.