India’S Cars24, A Used-Vehicle Sales Platform, Raises $400M, Now At A $3.3B Valuation, To Double Down On Growth
India’S Cars24, A Used-Vehicle Sales Platform, Raises $400M, Now At A $3.3B Valuation, To Double Down On Growth
12/20/21, 5:30 AM
Money raised
$400 million
With supply chains in the automotive industry continuing to be disrupted due to Covid-19, demand has surged in the used-car market. Today, one of the startups that’s seeing a lot of growth as a result of that is announcing a big round of funding to further tap the opportunity.
Company Info
Additional Info
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. When Cars24 first started out in 2015 in India, Chopra said, it faced the added issue (or opportunity?) of a tricky economic landscape with very low car ownership penetration overall — just 2%, or 2 cars per 100 people, compared to typically between 50 and 80 cars per 100 people in Europe. Cars24 is active in 130 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.