Cars24 raises $450 mn, valuation doubles to $1.84 billion

Cars24, an e-commerce platform for pre-owned vehicles, on Monday said it has raised $450 million, doubling its valuation to $1.84 billion.

The funding includes $340 million Series F equity round along with $110 million debt from diversified financial institutions. The Series F equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund 2, along with participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds, it said in a statement.

Vikram Chopra, Co-founder & CEO, CARS24 said, “With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year.”

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