Used car firm Cars24 raises $450mn at $1.8bn valuation

Chennai: Cars24, an e-commerce platform for pre-owned vehicles, has closed its largest round of funding of $450 million, nearly doubling its valuation to $1.84 billion in the process. The new funding round includes $340 million series F equity alongside $110 million in debt from diversified financial institutions.

The series F equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund 2 along with participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds. “With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year,” said Vikram Chopra, co-founder & CEO, Cars24. This funding comes just months after Cars24’s expansion into the UAE and Australian markets.