Posted on

India’s Cars24, a used-vehicle sales platform, raises $400M, now at a $3.3B valuation, to double down on growth



Share

With supply chains in the automotive industry continuing to be disrupted due to Covid-19, demand has surged in the used-car market. Today, one of the startups that’s seeing a lot of growth as a result of that is announcing a big round of funding to further tap the opportunity.
Cars24, a startup out of India that has built an app and website for selling used cars and motorbikes, has raised $400 million: a Series G of $300 million in equity and a further $100 million in debt. The fundraise is coming just three months after Cars24 last closed a round — $450 million, with $340 million as a Series F and a further $110 million in debt — and as a mark of how heated the market is right now, Cars24’s valuation has nearly doubled in that short time: it’s now $3.3 billion, versus $1.84 billion three months ago.
Alpha Wave Global (which co-led the last round under its previous brand, Falcon Edge Capital) is leading this Series G, with par …

Read More