The fairness spherical was led by DST International, Falcon Edge and SoftBank Imaginative and prescient Fund 2 together with participation from Tencent and present traders, Moore Strategic Ventures and Exor Seeds, it added.
The debt funding got here from diversified monetary establishments.
“With the most recent funding, CARS24 will broaden its international presence in addition to additional construct its automobiles, bikes and financing enterprise in India, whereas persevering with to put money into expertise that delivers one of the best buyer expertise potential,” the assertion mentioned.
CARS24 has clocked greater than 13 million month-to-month visitors and over 4 lakh transactions until date. It has additionally procured a non-banking monetary firm (NBFC) license and launched a shopper lending enterprise with CARS24 Monetary Providers and two-wheeler section, BIKES24.
It’s backed by marquee traders like Sequoia India, SoftBank, Falcon Edge, Exor Seeds, DST International, Kingsway Capital, Unbound, Moore Strategic Ventures and KCK.
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Sony, which launched its Innovation Fund 5 years in the past to put money into seed to early-stage startups worldwide, is now organising a enterprise capital arm that can make investments completely in Indian startups, sources instructed us.
The corporate has beforehand raised near $400 million,
including $200 million in the Series E round announced in November last year.
Vikram Chopra, cofounder and CEO of CARS24 mentioned the six-year-old firm has closed “its largest spherical of funding to this point”.
“Historically, automotive promoting or shopping for have been a tiresome course of, and solely 2 of 100 individuals personal automobiles in India. Nonetheless, during the last six years, we have now been working repeatedly in direction of fulfilling the desires of many Indians to personal a automotive by reworking the shopper’s journey- ‘the CARS24 approach’ that’s hassle-free, secure and clear,” he mentioned.
With this funding, CARS24 will proceed to penetrate into present automotive, bikes and financing enterprise in India whereas venturing into new abroad geographies this yr, he added.
The funding comes simply months after CARS24’s growth into the UAE and Australian markets. The corporate has already bought over 1,000 automobiles within the UAE for the reason that launch of its operations in April this yr.
CARS24 additionally formally introduced its launch with a brand new marketing campaign final week in Australia.
Rahul Mehta, managing companion at DST International, mentioned CARS24 is on the forefront of remodeling the way in which customers purchase and promote automobiles by offering a singular end-to-end digital buying and transaction expertise.
“They’ve emerged because the undisputed chief within the used automotive area in India and early traction in worldwide markets is exceeding expectations. We love backing founders who’re daring and impressive thinkers and could not be extra excited to enter the second innings of our long-lasting partnership with CARS24,” Mehta added.
Munish Varma, managing companion at SoftBank Funding Advisers, mentioned CARS24 is constructing a data-enabled tech platform that’s organising the fragmented used automotive market in India.
