New Delhi17 minutes ago
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Cars24 (CARS24) has received a fund of $ 450 million (about Rs 3 thousand crore) from investors. With this, the valuation of this second hand vehicle buying and selling firm has almost doubled with $1.84 billion (about Rs 13 thousand crore). It has received funding from DST Global, Falcon Edge, SoftBank Vision Fund 2 and a few other investors. This Series F round of funding includes $340 million in equity and $110 million in debt.
CARS24 said, “This funding will enhance business overseas as well as strengthen the car, bike and financing business in the country. Investment in technology will also continue to provide better experience to the customers.”
More than 4 lakh transactions done
The firm has done more than 4 lakh transactions so far. It has also got a license to start a Non-Banking Financial Company (NBFC). It has also started consumer lending business. Early investors in CARS24 include Sequoia, SoftBank, Falcon Edge and DST Global.
Vikram Chopra, the firm’s co-founder and CEO, said, “Selling or buying a car is a tiring process and only 2 out of 100 people in the country own a car. However, for the last 6 years, we have made the process somewhat easier. It has helped many people to buy a car.