CARS24, India’s leading e-commerce platform for pre-owned vehicles, on Monday announced it has raised $400 million, including a $300 million Series G equity round, along with $100 million debt from diversified financial institutions.
This round is CARS24’s third in just over a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in September this year.
The round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital), along with participation from other existing investors.
The investment, said the company, will be utilised to fuel the brand’s global expansion in the Middle East, Australia and Southeast Asia, and to further strengthen its foothold in the Indian market.
“CARS24 has aggressive plans for 2022 and beyond, and we can’t wait to put this investment to work. Today, we are witnessing greater acceptance among customers across the globe for our platform when purchasing their next car,” said Vikram Chopra, Co-founder and CEO, CARS24.
CARS24 recently announced the launch of seven Mega Refurbishment Labs (MRLs) in India — an industry first, and one MRL in the UAE which is among Dubai’s largest ever commercial leasing deals.
Founded in 2015, CARS24 recently expanded into the UAE and Australian markets.
In September, the company said it sold over 1,000 cars in the UAE since the launch of its operations in April this year.
CARS24 is the market leader in the online used car segment with over 90 per cent market share, and has clocked more than 13 million monthly traffic and over 4 lakh transactions till date.
“We believe this investment will help CARS24 fortify its moats even further and scale 10x from here over the next few years,” said Navroz D Udwadia, Co-founder and Partner of Alpha Wave | Falcon Edge Capital.