CARS24 Raises $200 Million To Scale New Biz Verticals

CIOReviewIndia Team | Tuesday, 24 November 2020, 12:59 IST

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An online transaction platform of pre-owned vehicles, CARS24, is now the latest Indian startup to become a unicorn, as the company, on Tuesday, November 24, 2020 announced that it raised $200 million in Series-E funding round, which is led by DST Global, where it was valued at $1 plus billion.

Existing investors like Exor Seeds, Moore Strategic Ventures, and Unbound, also took part in the funding round.

The acquired funds will be used by the company in technology and product innovation, for scaling up new business verticals. There are 200,000 transactions and a four-fold increase in the website engagement in CARS24, which already had surpassed its pre-Covid business level, informed CARS24.

Vikram Chopra, Co-Founder, and Chief Executive, said, “Traditionally, selling or buying cars has been a tiresome process. But, in the past five years, we have strived to transform the customer's journey the CARS24 way, which is hassle-free, safe, and transparent. With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties – with sellers getting the best value for their car, and buyers getting to choose from a wide assortment of automobiles.”

“CARS24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment. We are very excited to partner with Vikram, Mehul, Ruchit, Gajendra, and the entire management team and are looking forward to working together as they continue to deliver tremendous value to the entire ecosystem through the first principles of thinking,” stated Rahul Mehta, Managing Partner, DST Global.

Recently, CARS24 forayed into the used two-wheelers section, and within just six months of operations, it witnessed 3,000+ two-wheeler transactions.

For financing business, CARS24 gained an NBFC license in the previous year. It is now providing quick and easy loan plans with two-hour disbursements.

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