CARS24 raises $200 million to scale new biz verticals

Source : IANS 2020-11-24 19:30:33

Used car marketplace CARS24 on Tuesday said it has raised $200 million in Series E funding round at a valuation of over $1 billion.

The funding round was led by DST Global with participation from existing investors including Exor Seeds, Moore Strategic Ventures and Unbound.

The company said that the new funds will be used to invest aggressively in technology and product innovation and scale new business verticals.

"With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties — with sellers getting the best value for their car, and buyers getting to choose from a wide assortment of automobiles," said Vikram Chopra, Co-founder and CEO.

With annual transactions exceeding 2,00,000 units and 4 times increase in website engagement, the company claimed 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.

CARS24 recently forayed into the used two-wheelers category.

In less than six months of operations, the company has already transacted over 3,000 two-wheelers.

Founded in 2015, CARS24 also acquired an NBFC license last year for its financing business and is now providing quick and easy loan plans with two-hour disbursals.