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Kul Bhushan · · 1 min readSoftBank, others set to pour $350m into Indian used-car marketplace
“India’s biggest online marketplace for used automobiles, Cars24 Services, is closing in on a deal to raise about US$350 million from DST Global, SoftBank Group Corp and other investors,” Bloomberg reported, citing a person familiar with the matter.
Details:
- Falcon Edge Capital could also participate in the funding round, which could reportedly value Cars24 at nearly US$2 billion.
- The online marketplace for used cars is also looking to go public in the next 18 to 24 months, the report added.
Dive deeper:
- Cars24 became a unicorn in November last year after a US$200 million series E round led by DST Global and with participation from existing investors such as Exor Seeds, Unbound, and Moore Strategic Ventures.
- There has been a recent spurt of interest in used-vehicle firms. Besides Cars24, firms like CarWale, Droom, CarDekho, and Spinny have also gained traction among investors. Just today, the automobile marketplace CarTrade made its debut on the Indian stock exchange.
Editing by Collin Furtado and Arpit Nayak
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