Cars24 secures USD 400 mn

E-commerce platform for pre-owned vehicles Cars24 on Monday said it has raised $400 million (around Rs 3,040 crore) from various financial institutions.

The company said it has closed a $400 million round of funding including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.

This round is Cars24’s third in just over a year and values the used cars e-commerce player at $3.3 billion about double the valuation from its previous round in September 2021, it noted.

The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) along with participation from other existing investors, Cars24 stated.

Cars24 raised a cumulative debt-funding of $100 million across India, Australia, and the UAE.

Today’s news is just another step in CARS24’s journey; we’re in it for the long haul, and we look forward to continuing our work of creating a frictionless consumer experience for used car customers, CARS24 Co-founder-CEO Vikram Chopra noted.

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