Cars24 raises $200 million in Sequence E funding spherical led by DST World taking it is valuation over the $1 billion mark
The funding spherical additionally noticed the participation of current buyers like Exor Seeds, Moore Strategic Ventures and Unbound.
Cars24, an Indian car-buying platform, on 24 November, introduced that it has raised $200 million (approx Rs 1,480 crore) in Sequence E funding spherical led by DST World which additionally noticed the participation of current buyers like Exor Seeds, Moore Strategic Ventures and Unbound taking its valuation over the $1 billion mark. That is double the valuation it had in October, 2019 when it raised $100 million. This funding can be used to drive expertise and product innovation and scaling new enterprise verticals.
This comes after the corporate launched an announcement stating that it’s annual transactions had exceeded 200,000 models and it’s web site engagement elevated by 4 instances, thereby crossing the pre-Covid ranges.
Cars24 was based in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agrawal and Gajendra Jangid. It has unfold throughout 130+ cities in India now. DST World, based by billionaire Yuri Milner has additionally invested within the likes of Swiggy, Ola and Byju’s to call just a few.
“Historically, automobile promoting or shopping for has been a tiresome course of. Nevertheless, during the last 5 years, we’ve strived to remodel the shopper’s journey — ‘the Cars24 method’ that’s hassle-free, secure and clear. With this funding, we are going to proceed to innovate our product and bolster our capabilities to supply the very best expertise for all events — with sellers getting the very best worth for his or her automobile, and consumers getting to select from a large assortment of vehicles,” Vikram Chopra, Co-founder and CEO, stated in an announcement.
“Cars24 has pioneered a considerably differentiated expertise for the shopper and seller by deeply leveraging knowledge and expertise at every step, leading to world-class operational effectivity and market management within the phase. We’re very excited to companion with Vikram, Mehul, Ruchit, Gajendra and your complete administration staff and look ahead to working collectively as they proceed to ship super worth to your complete ecosystem by means of first ideas considering,” stated Rahul Mehta, Managing Associate at DST World.
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