CARS24, one of the world’s leading eCommerce platforms for pre-owned cars, has raised $340 million in Series F equity funding, driving the company’s valuation to $1.84 billion.
The funding was led by DST Global, Falcon Edge and SoftBank Vision Fund 2 along with participation from Tencent and existing investors like Moore Strategic Ventures and Exor Seeds. CARS24 will use the new funding to expand its global presence as well as to widen its car, bike, and financing businesses in India, all while continuing to invest in technology that provides the best possible customer experience.
CARS24 was founded in 2015 in India with the goal of changing the way people buy and sell vehicles by integrating technology at every stage of the deal to reduce genuine pain points and provide a seamless experience. It is the market leader in the online used car segment, with a market share of 90 percent and over 13 million monthly users and 400,000 transactions to date in India. Since its inception in April this year, the company has sold over 1000 cars in the UAE.
Vikram Chopra Co-founder & CEO CARS24
“Just last month, we celebrated our six successful years of operations, and we are incredibly excited to share that CARS24 has officially closed its largest round of funding to date. We have been working relentlessly over the last six years to fulfill thousands of people’s dreams of owning a car by transforming the customer’s journey ‘the CARS24 way’ that is hassle-free, safe and transparent.”
CARS24 has shifted perceptions in the UAE by bringing the entire car-buying process online. Every automobile purchased from CARS24 comes with a 7-days return policy and a 2-year warranty. Last week, CARS24 launched a new campaign in Australia to officially announce its arrival. This funding, an expression of confidence from major global investors comes just after a month following its expansion into the UAE.
Mr. Rahul Mehta, Managing Partner at DST Global said, “CARS24 is at the forefront of transforming the way consumers buy and sell cars by providing a unique end-to-end digital shopping and transaction experience. We love backing founders ambitious thinkers and couldn’t be more excited to enter the second innings of our long-lasting partnership with CARS24.”
“We are deeply impressed by the founders’ leadership, and are thrilled to back them as they transform the used car industry in India and scale internationally across MENA and SE Asia,” commented Mr. Navroz D. Udwadia, Co-founder of Falcon Edge Capital.
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