CARS24 Closes $340M Series F Funding Round Raising Its Valuation To $1.84B

CARS24, an e-commerce platform for pre-owned vehicles, recently announced the closing of $340M Series F funding round. This transaction represents CARS24’s largest funding to date and raises its valuation to $1.84B, nearly doubling its previous valuation announced just over 9 months ago.

The round also included strong backing from the global start-up community stalwarts, namely, DoorDash Co-founder & CEO Tony Xu, StockX CEO Scott Cutler, Wealthsimple Co-founder and CEO Michael Katchen, Weee! Chief Finance & Strategy Officer Ankur Shah (Former CFO, Careem), SASA Holdings, the family office of Adil Rahmathulla and Willoughby Capital. 

CARS24 also witnessed participation from eminent founders and leaders of home-grown startups- Aroa Ventures (Family Office of OYO Founder - Ritesh Agarwal), Rohit Kapoor (CEO- India & South-east Asia, OYO), and Alok Bansal (Co-founder & Director of Policybazaar). 

Speaking on the development, Vikram Chopra, Co-founder & CEO, CARS24 said, “CARS24 is solving the pervasive pain points of pre-owned vehicles consumers across the globe. Our growth is accelerating across geographies due to the powerful global technology platform we have developed and the superior customer experience we deliver, which resonates with our customers around the world. It is an honourable moment to have the opportunity to collaborate with these pioneers who believe in our vision and have given us their vote of confidence. With their support and expertise, we are sure we will  continue to revolutionize the used vehicles industry by creating a leading, highly differentiated e-commerce platform with customer centricity at the very core.” 

Announced last month, CARS24’s Series F equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund along with participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds. The investments will be used for national growth of cars, bikes and financing business, deepening technology and data sciences advancement and international expansion. Previously as well, many individual investors such as MS Dhoni, have backed CARS24.

CARS24’s business has continued to deliver strong performance with rapid growth in multiple categories, achieving over 50% growth in the past 3 months. It has clocked more than 13M monthly traffic and over 4 lakh transactions till date at an annual transactions run rate of 240K. CARS24 is the market leader in the online used car segment with over 90% market share.