Cars24 in talks to close USD 350 Mn funding round led by DST Global
Category: #tech  By Nikita Chaurasia  Date: 2021-08-23
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Cars24 in talks to close USD 350 Mn funding round led by DST Global

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.

Source Credits –

https://economictimes.indiatimes.com/tech/funding/cars24-in-talks-to-close-350-million-funding-round-at-2-billion-valuation/articleshow/85451603.cms

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

U.K. govt to cut BBC funding, caps viewer fees over inflation concerns

U.K. govt to cut BBC funding, caps viewer fees over inflation concerns

By Nikita Chaurasia

The British government is reportedly planning to curtail funding for the British Broadcasting Corporation (BBC), by putting a cap on the fees paid by viewers to watch the broadcasting channel for two years. According to reports, the inflation rate i...

Gmail becomes Google’s fourth app to exceed 10 billion installations

Gmail becomes Google’s fourth app to exceed 10 billion installations

By Nikita Chaurasia

The Google Play Services app, Google Maps, and YouTube are the other Google apps to achieve this milestone. Gmail was introduced back in 2004 and has since been integrated with various new features. Sources with relevant information stated that...

Quebec to levy health tax on citizens not vaccinated against COVID-19

Quebec to levy health tax on citizens not vaccinated against COVID-19

By Nikita Chaurasia

Quebec will reportedly impose a health tax on citizens who are unvaccinated against the coronavirus. The Canadian province, which has witnessed a massive number of COVID-19 related deaths in Canada, is currently battling a huge rise in the number of ...