Cars24 Value Rises to $ 1.84 Billion with $ 450 Million Raised in a Series F Round
Cars24, a site and app that sells used cars and two-wheelers raised $ 450 million in a Series F round of $340 million and $110 million in debt leaving the platform to value at $ 1.84 billion, making it the most valuable privately held used-cars startups globally.
The debt round came from various financial firms and for the last few weeks, a fund raise happened at a minimal amount excluding the debt.
Co-founded by the company’s CEO Vikram Chopra, says that the plan will be used to fund across many areas such as national and international expansion with respects to markets, technology regarding the expansion of its virtual appraisal process, data science for pricing and other details around sales and after sales and financing to help consumers buy vehicles and make purchasing a vehicle a viable economic option.
It strives to improve the inefficiencies of selling as well as buying cars and used cars across the globe than its home market.
Currently, the company is already operating in India, Australia and UAE. It’s active in about 130 cities in India and has sold about 400,000 vehicles to date including cars and motorbikes. To top it off, it has about 13 million monthly visitors on its site.
Cars24 essentially extends the life of many older models to keep more automobiles in circulation and private hands.
For starters, it offers a consolidated platform, that is, cars24.com, including an app allowing users to peruse a one-stop-shop inventory that extends beyond their immediate area (and local dealers). Its technology also determines price, which is selected and made discoverable utilising a number of algorithms.
Given some of the larger developments in the world of transportation, a used-vehicle marketplace raising a large sum of money appears ironic in a way.
Some speculate on factors like the rise of ubiquitous e-hailing apps like Uber; on-demand car-sharing services like Getaround or Zipcar. Whereas, a push in urban centres encouraging people to use a wider range of transportation options to avoid traffic. On the other hand, larger environmental trends that are leading some to avoid gas-guzzling automobiles, will drive the world away from car owners Cars24 for instance, as they are essentially extending the life of many older models to keep more automobiles in circulation and private hands.