Cars24 Raises $200 Million in Series E Funding; Newest Entrant in the Indian Unicorn Club
Gurugram based online transaction platform for pre-owned vehicles, Cars24 has announced that it has raised over $200 million in Series E funding round led by Russia-born billionaire Yuri Milner's, DST Global. The current round of funding has brought Cars24’s valuation upto $1 billion making it the newest entrant in the coveted Unicorn club. The round also saw participation from existing investors including Exor Seeds, Moore Strategic Ventures and Unbound.
Founded in 2015, Cars24 has developed superior tech capabilities including vehicle appraisal technology, AI-enabled pricing algorithms that give the accurate market price of a vehicle and a scaled infrastructure that ensures seamless execution.
Traditionally, car selling or buying has been a tiresome process, however, over the last five years, we have strived to transform the customer’s journey- ‘the CARS24 way’ that is hassle-free, safe and transparent.
With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties – with sellers getting the best value for their car. Buyers getting to choose from a wide assortment of automobiles,” said Vikram Chopra, Co-founder & CEO CARS24 about the investment.
CARS24 has recently forayed into the used two-wheelers category and has clocked over 3000 two wheeler transactions in less than six months of operations. The firm has also acquired an NBFC license last year for its financing business and is now providing quick and easy loan plans with 2-hour disbursals.
CARS24 said in a statement that it has already surpassed pre-COVID transaction levels reaching over 2,00,000 units witnessing a 4X increase in website engagement.
“CARS24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment,” commented Managing Partner, DST Global. CARS24 intends to utilize the fresh infusion of capital to invest aggressively in technology & product innovation and scale new business verticals.
With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties – with sellers getting the best value for their car. Buyers getting to choose from a wide assortment of automobiles,” said Vikram Chopra, Co-founder & CEO CARS24 about the investment.
CARS24 has recently forayed into the used two-wheelers category and has clocked over 3000 two wheeler transactions in less than six months of operations. The firm has also acquired an NBFC license last year for its financing business and is now providing quick and easy loan plans with 2-hour disbursals.
CARS24 said in a statement that it has already surpassed pre-COVID transaction levels reaching over 2,00,000 units witnessing a 4X increase in website engagement.
“CARS24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment,” commented Managing Partner, DST Global. CARS24 intends to utilize the fresh infusion of capital to invest aggressively in technology & product innovation and scale new business verticals.
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