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Used Vehicle Seller Cars24 Raises New Financing As Valuation Jumps To $3.3 Billion

Used Vehicle Seller Cars24 Raises New Financing As Valuation Jumps To $3.3 Billion

12/20/21, 5:30 AM
Bengaluru: Cars24, an online platform that sells used cars, has closed a $400 million financing round led by Alpha Wave Global, formerly Falcon Edge Capital.

Company Info

Company
Cars24
Additional Info
The investment values Cars24 at $1.84 billion post-money, the company said, making it one of the more valuable privately-held used car startups globally. When Cars24 first started out in 2015 in India, Chopra said, it faced the added issue (or opportunity?) of a tricky economic landscape with very low car ownership penetration overall — just 2%, or 2 cars per 100 people, compared to typically between 50 and 80 cars per 100 people in Europe. Cars24 is active in 130 cities in India, and it has sold 400,000 vehicles to date (both cars and motorbikes) with upwards of 13 million monthly visitors on its site.