Cars24 bags $400m to fuel SEA, Australia, UAE expansion plan

India-based Cars24, an ecommerce platform for used vehicles, has raised a total of US$400 million in funding. This consisted of US$300 million in equity funding from an Alpha Wave Global-led series G round and US$100 million in debt financing from diversified financial institutions.

This brings the car selling firm’s valuation to US$3.3 billion, months after it hit a value of US$1.8 billion in a US$450 million round in September.

A Cars24 center / Source: Cars24

Cars24 aims to simplify the used-car selling process by facilitating paperwork, which includes the transfer of certificates of registration, as well as by enabling end-to-end transactions. It also sells pre-owned cars to businesses across India via its auction platform.

The fresh funds will be used to fuel the company’s expansion in the Middle East, Australia, and Southeast Asia, and to further strengthen its foothold in the Indian market.

Last week, it was reported that Cars24 is looking to challenge Singapore-based Carro and Malaysia-based Carsome in Southeast Asia, as it makes its debut in Thailand and Indonesia next year. In June, the company established operations in Australia and the United Arab Emirates (UAE).

“We are excited to back Cars24 yet again as they continue to cement their leadership positions across India, UAE, Australia, and other international markets. We believe this investment will help Cars24 fortify its moats even further and scale 10x from here over the next few years,” said Navroz Udwadia, co-founder and partner of Alpha Wave.

The company was founded by Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal in 2015.