Cars24, a leading e-commerce platform for pre-owned vehicles, on Monday said it has raised $400 million (about Rs 3,040 crore) from various financial institutions.
The company said it has closed a $400 million (approximately Rs 3,040 crore) round funding Including a $100 million (approximately Rs.760 crore) loan from various financial institutions as well as a $300 million (approximately Rs.2,280 crore) Series G equity round.
This round is Cars24’s third in just over a year and focuses on used cars e-commerce At $3.3 billion (approximately Rs 25,060 crore), the player is almost double its valuation from its previous round in September 2021.
The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) with participation from other existing investors, Cars24 said.
Cars24 raised a cumulative debt-financing of $100 million (approximately Rs 760 crore) in India, Australia and the United Arab Emirates. Vikram Chopra, Co-Founder and CEO, Cars24 said, “Today’s news is another step in Cars24’s journey; we are in it for the long haul, and we are committed to creating a frictionless consumer experience for used car customers. We look forward to continuing our work.” ,
He added that Cars24 has aggressive plans for 2022 and beyond, and the company can’t wait to put this investment into action.
“Today, we are seeing greater acceptance for our platform among customers around the world when buying their next car. As we continue to build the best infrastructure for the future with an end-to-end digital customer experience We are confident that it will delight our customers with our hi-touch industry experience,” Chopra said.
The investment will be used to fuel the brand’s global expansion in the Middle East, Australia and South East Asia and further strengthen its foothold in the Indian market.
In addition, Cars24 will continue to enhance its superior technology and create a gold standard for quality cars globally, it noted.
The company recently announced the launch of seven Mega Refurbishment Labs (MRLs) in India – an industry first, and one MRL in the UAE which marks one of Dubai’s largest commercial leasing deals to date. “We are excited to support Cars24 again as they continue to strengthen their leadership position in India, the UAE, Australia and other international markets. We are confident this investment will help Cars24 further strengthen their moat. and scale 10x from here in the next few years,” said Navroz D Udvadia, Co-Founder and Partner at Alpha Wave. Falcon Edge Capital said.
Established in 2015, Cars24 has presence in India, Middle East, Australia and South East Asia.