Indian automotive startup Cars24 raises USD 400 million in the latest round

India-based Cars24, an e-commerce platform for purchasing and selling used cars, raised USD 400 million on 20th December 2021.

Investors: The investment round was led by Alpha Wave Capital (formerly known as Falcon Edge Capital) with the participation from existing investors. Additionally, funds were raised from diverse financial institutions from India, the UAE, and Australia. The investment round was a combination of an equity and debt round, USD 300 million equity round, and USD 100 million debt round.

Purpose of funding: The funds will accelerate the company’s global expansion in the Middle East, Australia, and Southeast Asia and further establish a foothold in Indian markets. In addition to enhancing its technology, the funds will be used to expand into new markets and increase reach throughout the industry.

About Cars24

Founded in 2015 by Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal and Vikram Chopra, Cars24 is located in Gurgaon, India. Cars24 is an e-commerce platform for the purchase and sale of used cars. The startup streamlined a fragmented used-car market with user-friendly discovery mechanisms, collaborations with partners at the micro and macro levels, and constant innovation. Thus, the startup has experienced booming growth with a global footprint in recent years. The startup aims to make used car sales more efficient and reliable by creating a way for car owners to sell used cars reasonably. It uses an AI-enabled pricing algorithm to display an accurate appraisal price and the market price. The platform also schedules inspections for vehicles. The company provides a secure and efficient method of selling a car.

What the founder has to say

“Cars24 have aggressive plans for 2022 and beyond, and we can’t wait to put this investment into work. Today, we are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car. As we continue to build the best infrastructure for the future with an end-to-end digital customer experience, we are confident that this will delight our customers with our high-touch industry experience,” Vikram Chopra, CEO and co-founder at Cars24.

What the investors have to say

“We are excited to back Cars24 yet again as they continue to cement their leadership positions across India, the UAE, Australia, and other international markets. The investment will help Cars24 fortify its moats even further and scale 10X from here over the next few years,” said Navroz D Udwadia.

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