CARS24 raises $450 million in funding
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.
CARS24 has clocked more than 13 million monthly traffic and over 4 lakh transactions till date. It has also procured a non-banking financial company licence and launched consumer lending business with CARS24 Financial Services and two-wheeler segment, BIKES24.
It is backed by marquee investors like Sequoia India, SoftBank and Falcon Edge.