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Deepti Sri · · 1 min readSoftBank, Tencent join $450m round of Indian unicorn Cars24
“India’s largest online marketplace for used automobiles, Cars24 Services has closed a US$450 million round of funding that has almost doubled its valuation to US$1.84 billion,” reported Mint.
Details:
- The latest financing includes a US$340 million round led by DST Global, Falcon Edge, and SoftBank Vision Fund 2. Tencent, along with existing investors Moore Strategic Ventures and Exor Seeds, also took part in the round. Cars24 also raised US$110 million in debt from several financial institutions.
- The new funds will be used to bankroll its expansion into the United Arab Emirates and Australia. The company will also keep on investing in technology as well as develop its cars, bikes and financing business in India.
Dive deeper:
- The fundraise comes after reports that Cars24 potentially secured about US$200 million to US$250 million in a round that could double its value to US$2 billion. The company is also planning to go public in 18 to 24 months.
- In November 2020, Cars24 became a unicorn after bagging US$200 million in its series E round, which was led by DST Global.
Editing by Samreen Ahmad and Eileen C. Ang
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