The used-vehicle sales platform intends to utilise the proceeds to expand its global presence and further develop its financing business in India
Car24 is engaged in transforming the way cars are bought and sold. (Credit: Niek Verlaan/Pixabay)
India’s used-vehicle sales platform Car24 has raised $450m funding in a new financing round that valued the company at $1.84bn.
Co-led by DST Global, Falcon Edge and SoftBank Vision Fund 2, the Series F funding round saw participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds.
The privately-held used car startup intends to utilise the proceeds to expand its global presence and for the development of its cars, bikes and financing business in India.
The new funding follows just months after the company expanded its presence to the UAE and Australian markets.
Car24 co-founder and CEO Vikram Chopra said: “Just last month, we celebrated six successful years of operations and we are incredibly excited to share that CARS24 has officially closed its largest round of funding to date.
“Traditionally, car selling or buying have been a tiresome process, and only 2 of 100 people own cars in India. However, over the last six years, we have been working continuously towards fulfilling the dreams of many Indians to own a car by transforming the customer’s journey- ‘the CARS24 way’ that is hassle-free, safe and transparent.
“With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year.”
Following its launch of its operations in the UAE in April this year, Car24 claims to have already sold more than 1,000 cars in the country.
Founded in 2015, the company is engaged in transforming the way cars are bought and sold, by leveraging technology.
Currently active in over 200 cities in India, Car24 is said to have sold 400,000 vehicles to date, attracting more than 13 million monthly visitors on its site.
DST Global managing partner Rahul Mehta said: “CARS24 is 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.”