CARS24, India’s e-commerce platform for pre-owned vehicles, announced the closing of a $400 million round of funding, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.
This is CARS24’s third round of fund raising in over a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in September 2021. The company has already sold close to 3000 cars in the UAE market since commencing its operations in May this year.
The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) along with participation from other existing investors. CARS24 also raised a cumulative debt-funding of $100 million across the UAE, India, and Australia.
The investment will be utilized to fuel the brand’s global expansion in the Middle East, Australia and Southeast Asia, and to further strengthen its foothold in the Indian market. In addition, CARS24 will continue to enhance its superior technology and build a gold standard for quality used cars globally. In this pursuit, CARS24 recently announced the launch of seven Mega Refurbishment Labs (MRLs) in India – an industry first, and one MRL in the UAE which is amongst Dubai’s largest ever commercial leasing deals.
Even amid rapid growth, CARS24’s global opportunity remains massive. The accelerated adoption of CARS24 across the UAE, Australia and Thailand has illustrated the significance of a used car e-commerce platform experience and is a powerful indication of its future impact on the US$100B industry.
Founded in 2015, CARS24 claims to transform the way consumers buy, sell and finance used cars by leveraging technology at every leg of the consumer journey to solve genuine pain points and deliver a seamless buying experience. The company’s international market covers, besides the UAE, Australia and Thaiand.
According to the company, the growth of online retail around the world remains strong and continues to see increased support from consumers.
