Cars24, an India-based online automotive marketplace backed by e-commerce services provider KCK Global, raised $200m yesterday in a series E round led by investment firm DST Global.
The round also featured Exor Seeds, a venture capital vehicle for holding company Exor, as well as investment firms Moore Strategic Ventures and Unbound. The cash was secured at a valuation above $1bn.
Founded in 2015, Cars24 runs an e-commerce platform that allows customers in more than 130 Indian cities to buy and sell vehicles, utilising artificial intelligence to assess an accurate market price for each listed vehicle.
The company said this week its business has already gone back to and surpassed pre-coronavirus levels, and the series E funds will support technology and product development in addition to entry into new business areas.
KCK and Unbound each invested $25m to co-lead Cars24’s last round, a $100m series D in October 2019 that included Exor Seeds, DST Global, Moore Strategic Ventures, Sequoia Capital India, Partners Fund, Kingsway Capital, Euler Capital and Freemark Holdings.
Regulatory filings indicate the company had previously raised a total of $50m from KCK, Kingsway Capital, Apoletto Asia, Venture Highway, 500 Startups, Asia Venture Group, Vendebita Trading, Regent Street Partners, Philipp Freise and Rahul Ravindra Raj Mehta.
Vikram Chopra, Cars24’s co-founder and chief executive, said: “Traditionally, car selling or buying has been a tiresome process, however, over the last five years, we have strived to transform the customer’s journey – ‘the Cars24 way’ – that is hassle-free, safe and transparent.
“With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties – with sellers getting the best value for their car. Buyers getting to choose from a wide assortment of automobiles.”
