Pre-owned vehicles marketplace Cars24 has raised $400 million in its Series G round funding led by Alpha Wave Global. Existing investors also participated in this round. The round also includes a $100 million cumulative debt funding from various financial institutions in India, Australia, and the UAE.
This round of funding also puts Cars24 at a $3.3 billion valuations. The fresh funds will be used to expand the brand in the Middle East, Australia, and Southeast Asia.
Vikram Chopra, co-founder, and chief executive officer of Cars24, said, “The news is just another step in Cars24’s journey; we’re in it for the long haul, and look forward to continuing our work of creating a frictionless consumer experience for used car customers. Cars24 has aggressive plans for 2022 and beyond, and we can’t wait to put this investment to work.”
Back in September, Cars24 raised $450 million in equity and debt from SoftBank, Tencent, DST Global, Falcon Edge’s Alpha Wave Incubation, and others.
Cars24 also operates a pre-owned bikes marketplace Bikes24. The company reported a growth of 50% in the last quarter and boasts a 90% market share in the online used car segment.
After the pandemic, sales of pre-owned cars grew. This could be a reason why investors are now really interested in funding pre-owned vehicles marketplaces. Not just Cars24, Spinny is also attracting good investment. Earlier this month. Spinny became a unicorn by raising $283 million. CarDekho and Droom also became unicorns earlier this year.
