Used vehicle marketplace ‘Cars24’ raises $450Mn at a $1.84Bn valuation
Cars24, one of India’s biggest and most well known platforms for buying and selling used cars and two wheelers, has raised $450Mn at a valuation of $1.84Bn, making it one of the biggest platforms of its kind in the world. This capital was raised as a combination of a Series F funding round of $340Mn, along with a $110Mn in debt. DST Global, Falcon Edge and SoftBank Vision Fund 2 co-led the Series F, with participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds. The debt round came from a mix of financial institutions. Cars24 operates a platform where users can buy and sell used cars, something that we have already mentioned. However, instead of just allowing buyers and sellers to meet (like Olx) on its platform, Cars24 buys directly from those looking to get rid of their old vehicle/s, and then reconditions them. Then, it posts them on its platform, where allowing buyers access to a wide array of quality automobiles. In this, it becomes a centraliz...