With the demand for personal transport soaring during the pandemic, as well as a dearth of new vehicles due to semiconductor shortages, Delhi-NCR based used-car platform Cars24 just raised $450 million and nearly doubled its valuation to $1.84 billion.
The new fund raise included a $340 million Series F equity round featuring investments from SoftBank’s Vision Fund 2, Tencent Holdings Ltd., and DST Global, along with $110 million in debt from financial institutions.
Founded in 2015, used-vehicle sales platform Cars24 dominates 90% of India’s online used-car marketplace and operates across more than 130 cities in the country. Demand for used cars is at an all-time high, Cars24 chief executive officer Vikram Chopra said.
