Cars24, a platform that sells users' cars and used two-wheeled motorbikes, has raised $450 million (Rs 3,321.3 crore) in its Series F round of funding.
The funding round, which takes the valuation of Cars24 to $1.84 billion, was led by DST Global, Falcon Edge, SoftBank Vision Fund 2 and others. Series F funding round was a mix of equity ($340 million) and debt ($110 million), Cars24 said in a statement.
The equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund 2 along with participation from Tencent and existing investors, Moore Strategic Ventures and Exor Seeds, it added. However, debt funding came from various financial institutions.
The company added that the latest funding will help it to expand its global presence as well as further build its cars, bikes and financing business in India, while continuing to invest in technology that delivers the best customer experience possible.
Backed by marquee investors like Sequoia India, SoftBank, Falcon Edge, Exor Seeds and others, CARS24 has clocked more than 13 million monthly traffic and over 4 lakh transactions to date.
Vikram Chopra, co-founder and CEO of CARS24 said the six-year-old company has closed ‘its largest round of funding to date.’
He said car selling or buying has been a tiresome process, and only 2 of 100 people own cars in India. However, over the last six years, the company has been working continuously towards fulfilling the dreams of many Indians to own a car by transforming the customer's journey.