New Delhi: CARS24 on Monday said it has raised $450 million (about Rs 3,321.3 crore) in funding from DST Global, Falcon Edge, SoftBank Vision Fund 2 and others, helping the pre-owned vehicles' e-commerce platform nearly double its valuation to $1.84 billion. The Series F round of funding was a mix of equity ($340 million) and debt ($110 million), a statement said.

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.

Cars24 Raises $450 Million Funding; Valuation Nearly Doubles To $1.84 Billion

Cars24 Raises $450 Million Funding; Valuation Nearly Doubles To $1.84 Billion

Company Info