Cars24, an Indian business that has developed an app and website for selling second hand cars and motorbikes, has acquired $400 million in funding, including a $300 million Series G round and another $100 million in debt.

Cars24's valuation has nearly doubled in that time, from $1.84 billion to $3.3 billion, just three months after it last closed a round with $450 million, with $340 million as a Series F and a further $110 million in debt, as a sign of how booming the market is right now, Cars24's valuation has nearly doubled in that time, from $1.84 billion to $3.3 billion.

Cars24 claims to hold a 90 percent share of the used-car market in India, and it did through technology. Its capabilities include a search engine for consumers to identify vehicles, financing alternatives for the vehicle and logistics software to organize and deliver vehicles to new owners.

It also has analytics built in to analyze demand, calibrate price, and perform online car appraisals. Cars24 receives around 13 million monthly visits and has sold over 400,000 automobiles (cars and motorcycles) to date.

While Cars24 intends to compete with competitor services for new clients, it also plans to invest in more hooks to increase its engagement with existing customers. More financing alternatives will be available, as well as service centers for automobiles before and after purchase. It also plans to continue to expand its worldwide footprint, with the next launches set to take place in Southeast Asia.

A slew of colossal firms have sprung up in India, each with a sizable budget to grow domestically but little in the way of a worldwide strategy. Cars24, on the other hand, has taken a different approach, exporting its model to a number of nations in the previous year, beginning with the United Arab Emirates (UAE), followed by Australia and Thailand. With its next markets in Southeast Asia, it intends to add to that list.

While Cars24 will continue to focus on attracting new customers, it will also invest in infrastructure to improve how it interacts with people who shop on its platform. It has set up seven ‘Mega Refurbishment Labs’ across the country to inspect and repair cars that will be used on its platform.

Finance is another area where the organization is growing its services. Cars24 was believed to be the only company in its category having a banking license, which it has used to develop payment mechanisms for its consumers. This, like car ownership, is an area of opportunity that is now neglected.

“We are excited to back Cars24 yet again as they continue to cement their leadership positions across India, UAE, Australia and other international markets”, says Navroz D. Udwadia, co-founder and partner, Alpha Wave.

“CARS24’s robust competitive moats across in-house reconditioning, access to the widest assortment/supply and deep data science drive a delightful customer experience, and reflects in its best-in-class NPS. We believe this investment will help CARS24 fortify its moats even further and scale 10x from here over the next few years. We remain impressed by the team’s vision and execution, and are delighted to deepen our partnership with CARS24”, adds Udwadia.

“The funding will mostly be used to increase our footprint in India and the nations where we've expanded”, says Gajendra Jangid, Cars24's CMO, who co-founded the company in Gurugram in 2015 with Vikram Chopra (CEO), Mehul Agrawal, and Ruchit Agarwal.