India-based online automotive marketplace Car24 has raised $259m from investors including internet and gaming group Tencent at a valuation of $1.75bn, Entrackr reported on Friday, citing regulatory filings.
Tencent, DST Asia and Wave Incubation each invested $75m, with Tencent taking part through a Europe-based special purpose vehicle called Zennis Capital.
Moore Strategic Partners put $22.7m into the round, Exor Seeds $8.3m, BloombergSen Investment Partners $470,000 and private investor Scott Kapnick $2.2m.
Founded in 2015, Cars24 operates an e-commerce platform enabling customers to buy and sell vehicles, using artificial intelligence software to determine accurate market prices.
Cars24 reached unicorn status in a $200m series E round in November 2020 featuring e-commerce services provider KCK Global valuing it at over $1bn. It was led by DST Global and was also backed by Exor Seeds, Moore Strategic Ventures and Unbound.
KCK Global and Unbound led the company’s $100m series D round, which closed in October 2019 and which was filled out by Moore Strategic Ventures, Sequoia Capital, Partners Fund and DST Global.
