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Business EconomyPosted at: Dec 20 2021 11:06PM


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.
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Tags: #Online used car platform CARS24 raises $400 mn# doubles valuation
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