CARS24 raises $450 million funding; valuation nearly doubles to $1.84 billion

CARS24 on Monday said it has raised $450 million (about Rs 3,321.3 crore) in funding from DST Global, Falcon Edge, SoftBank Vision Fund 2 and others, helping the pre-owned vehicles’ e-commerce platform nearly double its valuation to $1.84 billion.

The series F round of funding was a mix of equity ($340 million) and debt ($110 million), a statement said.

The 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, it added.

The debt funding came from diversified financial institutions.