India's Cars24, a used-vehicle sales platform, raises $450M at a $1.84B valuation

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The used car market is getting another major infusion of venture capital today, with one of the faster scaling startups out of India picking up a major round of financing to double down on growth: Cars24 — a site and app that sells users cars and used two-wheeled motorbikes — has raised $450 million, a […]
The used car market is getting another major infusion of venture capital today, with one of the faster scaling startups out of India picking up a major round of financing to double down on growth: Cars24 — a site and app that sells users cars and used two-wheeled motorbikes — has raised $450 million, a Series F of $340 million and $110 million in debt. The investment values Cars24 at $1.84 billion post-money, the company said, making it one of the more valuable privately-held used car startups globally.

DST Global, Falcon Edge and SoftBank Vision Fund 2 co-led the Series F, with Tencent and existing investors Moore Strategic Ventures and Exor Seeds also participating. The debt round came from a mix of financial institutions. This fundraise, now confirmed and official, was rumored in past weeks, although at a smaller amount: it didn't include the debt portion, and some reports were based on regulatory filings for less than the sum ultimately raised.

Vikram Chopra, the CEO who co-founded the company in Gurugram with Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, said that the plan will be to use the funds across a range of areas.

They include national and international expansion (it's already operating in India, Australia and UAE, and has its eyes on more markets); technology (specifically areas like further expanding its virtual appraisal process, as well as more data science around pricing and other details related to sales and after-sales); and financing both to buy in vehicles, as well as to help consumers make purchasing a vehicle a viable economic option.

Cars24 is active more than 200 cities in India, and it has sold 400,000 vehicles to date (both cars and motorbikes) with upwards of 13 million monthly visitors on its site. All this gives it claim to being the largest platform of its kind in India. But its ambition is to improve the inefficiencies of selling a car, or buying a used car, in many parts of the globe, not just its home market.

"Buying or…
Ingrid Lunden
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