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Cars24, an e-commerce platform for pre-owned cars, is in discussions to close the USD 300-350 million funding round led by DST Global, and several new investors such as Carlyle Group, Falcon Edge, and SoftBank Vision Fund.
According to sources, talks for a current valuation of USD 1.6 billion are underway, with the company being valued at USD 2 billion after the funding round.
Headquartered in Gurugram, Cars24 purchases vehicles from sellers across 130 cities, refurbishes them in its workshops, and sells them in 400 cities throughout India. The cars are also subjected to various quality tests before they are offered for sale on the platform.
Cars24 entered the unicorn club in November last year after raising a sum of USD 200 million at a USD 1 billion valuation. DST Global, which has invested in Indian startups like Swiggy, Ola, Udaan, and Byju’s, had led the previous round as well.
If reports are to be believed, the newest funding round has been oversubscribed due to a great deal of investor interest in the company. The official closing of the round could come during the next month, with the final amount raised reaching USD 300-350 million.
Notably, Cars24 and other similar online used car businesses have seen a significant uptick in demand since the coronavirus outbreak. The company has since been planning to broaden its reach by offering two-wheelers for sale on its platform and also providing aftersales services to customers.
The company stated that it plans to build seven refurbishment facilities in top metros to offer car servicing for approximately 20,000 vehicles per month.
It also has 20 ‘car studios’ that catalog nearly 400 cars per day to provide customers a seamless experience of online vehicle shopping.
It is also worth noting that the fresh funding in Cars24 comes soon after rival firm CarTrade Technologies announced an IPO that was subscribed over 20 times last week.
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