Cars24 raises fresh funding from Softbank, others

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Gurugram-based used car marketplace Cars24 Services has roped in SoftBank as an investor in a new funding round that is expected to be in the range of $340-350 million, a person familiar with the development told VCCircle. 

SoftBank alone has brought in $75 million as part of this funding round, the person cited above said on the condition of anonymity. The latest funding has been raised at a valuation of $1.6-1.9 billion, the person added.

Separately, regulatory filings show that Cars24 has pulled in around $259 million from DST Global, Alpha Wave Incubation, Tencent, and Moore Strategic Partners. 

Cars24’s latest funding comes less than a year after it raised $200 million (Rs 1,480.9 crore) as part of its Series E funding round in November last year. That funding had catapulted the marketplace for used cars to the famed unicorn club that features startups with a valuation of at least $1 billion. 

Cars24’s new initiatives like entering the used bike category and foraying into international markets such as Australia and the United Arab Emirates also helped shore up the business, he had explained while declining to disclose or comment on its absolute financials.

This year, Cars24’s rival CarTrade floated its initial public offering (IPO) and listed on the stock exchanges. Droom also said it is raising a pre-IPO round and plans to float an IPO next year.



Categories: Venture Capital

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