Tuesday, May 17 2022 | Time 12:10 Hrs(IST)
Business Economy

Online used car platform CARS24 raises $400 mn, doubles valuation

New Delhi, Dec 20 (UNI) Online platform for pre-owned vehicles CARS24 on Monday announced the closing of a USD 400 million round of funding, the third for the online player in just over a year. With this round, the valuation of the company has gone up to USD 3 billion, about double of what it was valued at, in the previous round in September 2021. This funding includes a USD $300 million Series G equity round alongside USD 100 million debt from diversified financial institutions. The Series G equity round was led by return investor Alpha Wave Global along with participation from other existing investors. The company also raised a cumulative debt-funding of USD 100 million across India, Australia, and the UAE.
With increased support from consumers forecasting record breaking growth for online shopping of used cars, CARS24 has reported a growth of 50% in the last quarter, clocking over 90% market share in the online used car segment while retaining the market leadership. The company has been witnessing rapid growth and surge in global opportunity with adoption of CARS24 across Australia, UAE and Thailand. The used car e-commerce industry is estimated to be a USD $100 billion industry.
The investment will be used to fuel the brand’s global expansion in the Middle East, Australia and Southeast Asia and to strengthen its foothold in the Indian market. To enhance its technology and build a gold standard for quality used cars globally, CARS24 have recently launched seven mega refurbishment labs (MRLs) in India and one MRL in the UAE. “CARS24 has aggressive plans for 2022 and beyond. There is greater acceptance amongst customers across the globe for our platform when purchasing their next car. We will continue to build the best infrastructure for the future with an end-to-end digital customer experience,” said Vikram Chopra, Co-founder and Chief Executive Officer of CARS24.
Navroz D Udwadia, Co-founder and Partner of Alpha Wave attributed their investment in CARS24 to the company’s continued efforts to cement its leadership position across various international markets. “CARS24 has robust competitive moats across in-house reconditioning and access to the widest assortment/supply and deep data science. znce. This investment will help CARS24 fortify its moats even further and scale 10x from here over the next few years,” said Udwadia.
More News

Muted opening for LIC IPO on the bourses

17 May 2022 | 10:34 AM

Mumbai, May 17 (UNI) The much-awaited Insurance behemoth Life Insurance Corporation (LIC) IPO made a muted start on its listing day on Tuesday opening at an almost 8 per cent discount at Rs 872 per share as against its issue price of Rs 949 per unit.

see more..

Sensex up over 300 pts

17 May 2022 | 10:09 AM

Mumbai, May 17 (UNI) The BSE Sensex on Tuesday gained 343 pts at 53, 317.50 in opening session as buying was seen across the board.

see more..

US wants India to reconsider its order on wheat export ban

17 May 2022 | 9:34 AM

New Delhi, May 17 (UNI) Amid surge in global wheat prices, the US wants India to reconsider its decision to restrict wheat exports.

see more..

Fuel prices remain unchanged

17 May 2022 | 7:38 AM

New Delhi, May 17 (UNI) Petrol and diesel prices remained unchanged for the 41st day in a row on Tuesday.

see more..

Century Plyboards Q4 results: PAT up 9 4 pc at 91 03 Cr

16 May 2022 | 10:47 PM

New Delhi, May 16 (UNI) Century Plyboards (India) Ltd on Monday reported Profit After Tax (PAT) for the quarter ending March 31, 2022, at Rs 91.03 crore, showing an increase of 9.4% over corresponding period last year.

see more..