Cars24 is India’s latest unicorn as it raises $200 million from DST Global and existing investors

• Cars24 has raised $200 million in a Series E round led by DST Global, which also saw participation from its existing investors Exor Seeds, Moore Strategic Ventures, and Unbound.
• With the latest funding, Cars24 valuation soars past a billion dollars, making it the latest unicorn in the country.
• In 2019, the startup had also acquired a NBFC licence to kickstart its financing business with quick and easy two-hour loan disbursals.

Indian marketplace for second-hand vehicles Cars24 has raised $200 million in a Series E round led by DST Global, which also saw participation from its existing investors Exor Seeds, Moore Strategic Ventures, and Unbound.

With the latest funding round, Cars24 valuation soars past a billion dollars, making it the latest unicorn in the country.

“Traditionally, car selling or buying has been a tiresome process, however, over the last five years, we have strived to transform the customer's journey- 'the CARS24 way' that is hassle-free, safe and transparent,” said Vikram Chopra, Co-founder and CEO, Cars24 in a statement.

Last year, the startup had also raised investments from Indian cricketer MS Dhoni.

Chopra added that with the latest investment, the startup will continue to invest in its product to improve the online experience for sellers and buyers.

From their very first location in 2015, next to a petrol pump in Gurugram where they saw sellers come all the way from Noida, today Cars24 is spread across cities and states in India. The startup said that with annual transactions exceeding 2,00,000 units and a 4X increase in website engagement, it has already surpassed pre-COVID levels.

CARS24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment,” said Rahul Mehta, managing partner at DST Global.

In 2019, the startup had also acquired a NBFC licence to kickstart its financing business with quick and easy two-hour loan disbursals. During the lockdown, the startup had also forayed into the two-wheeler business and claimed to have sold over 3,000 two-wheelers in the last six months.

SEE ALSO:
Zerodha’s investment fund pumps in ₹10 crore in an enterprise resource planning platform ERPNext
PM Modi warns against complacency before COVID-19 vaccine — asks states to begin work on cold storage facilities