Indian used car platform Cars24 backed by Softbank, Tencent, raises $400 million
(ASEAN Startups) India-based used car platform Cars24 announced on Monday the closing of a $400 million round of funding including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.
This round is Cars24’s third in just over a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in September 2021, local media livemint.com reported.
The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) along with participation from other existing investors. Cars24 has also raised a cumulative debt-funding of $100 million across India, Australia, and the UAE, according to the report.
The investment will be used for the brand’s global expansion in the Middle East, Australia, and Southeast Asia, and to further strengthen its foothold in the Indian market.
“Today’s news is just another step in CARS24’s journey; we are in it for the long haul, and we look forward to continuing our work of creating a frictionless consumer experience for used car customers. CARS24 has aggressive plans for 2022 and beyond, and we can’t wait to put this investment to work,” Cars24 Co-Founder and Chief Executive Officer Vikram Chopra was quoted as saying.
In September, it was reported that Cars24 has raised $450 million in a funding round led by SoftBank Vision Fund 2, DST Global and Falcon Edge.
The Series F equity round of $340 million saw participation from China-based tech giant Tencent and existing investors Moore Strategic Ventures and Exor Seeds.
In Southeast Asia, Cars24 will be competing with Singapore-headquartered Carro and Malaysia-headquartered Carsome. Both Carro and Carsome have reached unicorn status this year.
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