Business

CARS24 raises $200 million

CARS24, an online transaction platform for pre-owned vehicles, has announced a $200 million Series E fundraising round led by DST Global with participation from existing investors, including Exor Seeds, Moore Strategic Ventures and Unbound at a valuation of over $1 billion. The funds will be used to invest in technology and product innovation as well as to set up new business verticals.

With annual transactions exceeding 2,00,000 units and four times increase in website engagement, the company has already surpassed pre-COVID levels, it said.

“Traditionally, car selling or buying has been a tiresome process, however, over the last five years, we have strived to transform the customer's journey that 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,” Vikram Chopra, co-founder and CEO, CARS24 said in a statement.

The company recently forayed into the used two-wheelers category and in less than six months of operations, it has already transacted over 3,000 two-wheelers.

Last year it also acquired an NBFC license for its financing business and is now providing quick and easy loan plans with 2-hour disbursals, it said.

This article is closed for comments.
Please Email the Editor

Printable version | Jan 17, 2021 6:17:59 AM | https://www.thehindu.com/business/cars24-raises-200-million/article33172121.ece

Next Story