Leading used vehicle e-commerce platform Cars24 said Monday that it has raised $400 million (about Rs. 3,040 crore) from various financial institutions.
The company said it has closed a $400 million (approximately Rs. 3,040 crore) financing round, which includes a $300 million (approximately Rs. 2,280 crore) Series G equity round in addition to $100 million (approximately Rs. 760 crore) of debt. of diversified financial institutions.
This round is Cars24’s third in just over a year and values the used car e-commerce player at $3.3 billion (approximately Rs. 25,060 crore) about double its valuation from the previous round in September 2021. , it noted.
The Series G stock round was led by yield investor Alpha Wave Global (formerly known as Falcon Edge Capital) along with participation from other existing investors, Cars24 said.
Cars24 raised cumulative debt financing of $100 million (approximately Rs. 760 crore) in India, Australia and the UAE. “Today’s news is just another step in Cars24’s journey; we are doing it for the long haul and we look forward to continuing our work to create a frictionless consumer experience for used car customers,” noted Cars24 co-founder and CEO Vikram Chopra op. .
Cars24 has aggressive plans for 2022 and beyond, and the company can’t wait to make this investment work, he added.
“Today we are witnessing greater adoption among customers around the world for our platform when purchasing their next car. As we continue to build the best infrastructure for the future with an end-to-end digital customer experience , we are confident that this will delight our customers with our high-quality industry experience,” said Chopra.
The investment will be used to drive the brand’s global expansion in the Middle East, Australia and South East Asia and to further strengthen its position in the Indian market.
In addition, Cars24 will continue to improve its superior technology and build a gold standard for quality used cars worldwide, it noted.
The company recently announced the launch of seven Mega Refurbishment Labs (MRLs) in India – an industry first, and one MRL in the UAE, one of the largest ever commercial leases in Dubai. “We are delighted to once again support Cars24 as they continue to strengthen their leadership positions in India, UAE, Australia and other international markets. We believe this investment will help Cars24 further strengthen its canals and over the next few years,” Navroz D Udwadia, co-founder and partner of Alpha Wave | said Falcon Edge Capital.
Founded in 2015, Cars24 has a presence in India, the Middle East, Australia and Southeast Asia.
