CARS24 valuation jumps to $3.3 billion with the latest funding round of $400 mn.
- ByStartupStory | December 21, 2021
Used car platform CARS24 has raised $400 million in a funding round led by Alpha wave Global, formerly known as Falcon Edge Capital. The investment includes a $100 million debt component which has been sourced from investors like Commercial Bank of Dubai and IFM Investors in Australia. According to the company, Cars24’s other existing investors have also participated in this round.
Cofounder Gajendra Jangid said, “This is a $100 billion market opportunity in India and abroad, and a much larger game. The latest funding will help us make a dent not only in India but abroad too”. He added that the firm has been expanding globally and will continue to do so. Jangid said that Cars24 will use the new capital for large-scale refurbishing labs across the country to improve the quality of cars before they are sold to customers. This is part of its plans to go deeper within India.
Co-founder and partner at Alpha Wave Global,Navroz D Udwadia said he has backed Cars24 yet again as the company continues to cement its leadership positions across India, the UAE, Australia and other international markets.
CARS24 was ounded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Jangid, Cars24 became a unicorn last year in a $200 million funding round led by DST Global. Since the latest funding, Cars24’s valuation has jumped more than 80% from its previous funding in September to $3.3 billion. At that time, the company had closed a $450 million funding which was led by the likes of SoftBank Vision Fund, Alpha Wave Global and Yuri Milner’s DST Global. The Gurgaon-headquartered company was valued at $1.8 billion back then.
Follow Startup Story
Related Posts
