Cars24 Secures INR 250 Cr Funding from Singapore-Based Parent Entity
- ByStartupStory | July 29, 2024
Cars24, a prominent auto marketplace, has successfully raised INR 250 Cr ($29.8 Mn) from its Singapore-based parent company, Global Car Group Limited. This new injection of funds comes at a critical juncture as Cars24 expands into new segments aimed at bolstering its revenue streams.
The recent funding follows Cars24’s innovative ventures, such as the pilot program launched in March that allows car owners to hire drivers on an hourly basis. Furthermore, in May, the company signed a letter of intent to join the state-backed Open Network for Digital Commerce (ONDC), reflecting its commitment to integrating with broader digital commerce ecosystems.
Cars24 operates a marketplace that not only facilitates the sale of used cars by individual owners but also enables users to purchase pre-owned vehicles through both its online platform and offline retail locations.
The new capital is expected to fuel Cars24’s expansion and innovative offerings. The pilot program for hourly driver hiring and the integration with ONDC are poised to significantly enhance the company’s service portfolio and user experience.
Since its inception in 2015, Cars24 has raised over one billion dollars in funding and has been valued at over $3.2 billion. Founded by Vikram Chopra, Gajendra Jangid, Ruchit Agarwal, and Mehul Agrawal, Cars24 has revolutionized the buying, selling, and financing of pre-owned cars across India, Australia, Thailand, and UAE. The company leverages a Smart AI Pricing Engine and conducts 140 quality checks to ensure a seamless and transparent transaction process for its customers.
Startup Story Entrepreneur Awards 2024 – Celebration of entrepreneurial excellence and a recognition of outstanding achievements in the business world.
The Startup Story Entrepreneur Awards will recognize the best and brightest in entrepreneurship.
Free nominations are open. Nominate Now!
Follow Startup Story
Related Posts
