India-based used vehicle marketplace Cars24 has closed a $100m series D round co-led by e-commerce fulfilment services provider KCK Global and investment firm Unbound, the Economic Times reported today.
The round also featured Exor Seeds, a fund affiliated with diversified holding group Exor, as well as Moore Strategic Ventures, Sequoia Capital, DST Global and Partners Fund.
ET estimated the amount provided by KCK and Unbound at $25m each, with KCK having made its commitment last month as part of an initial $52m tranche that also featured Sequoia Capital India, Exor Seeds, Kingsway Capital, Euler Capital and Freemark Holdings.
Founded in 2015 and owned by Singapore-based holding firm Global Cars Group, Cars24 runs an online auction service for used vehicles. It inspects vehicles in 170 garages across the country before buying them and selling them on to third parties.
The company obtained a non-banking financial licence earlier this year and has begun automotive financing to customers. It is currently active in 50 cities across India but is targeting a presence in 75 cities by the end of 2019 and 200 markets by the end of next year.
Regulatory filings seen by Entrackr indicated the company had secured a total of nearly $50m in funding from 16 backers as of March 2018, including $23m from KCK and $19.6m from Kingsway Capital.
Additional shareholders identified by Entrackr include Apoletto Asia, Venture Highway, 500 Startups, Asia Venture Group, Vendebita Trading, Regent Street Partners and private investors Philipp Freise and Rahul Ravindra Raj Mehta.