CARS24 valuation soars to $1.8 billion after raising $450 million

India’s largest online marketplace for used cars, CARS24 Services, has closed a $450 million funding round that has almost doubled its valuation to $1.84 billion.

The funding includes a $340 million Series F equity round, coupled with $110 million debt from multiple financial institutions.

This is the biggest round for the six-year-old start-up, which also saw participation from Tencent and existing investors such as Moore Strategic Vent­ures and Exor Seeds. Existing investors like Yuri Milner’s DST Global and the US’s Fal­con Edge also invested.

Last November, CARS24 raised $200 million in a series E funding round, which valued it at over $1 billion and made it the first unicorn in India’s auto space.