India-based second-hand car marketplace Cars24 has collected an initial $52m in series D funding from investors including logistics firm KCK, Entrackr reported on Friday.
KCK led the tranche with a $25m contribution and was joined by investment firm Kingsway Capital, which supplied $10m through its Frontier Consumer Internet Fund.
Sequoia Capital India, Euler Capital, Exor Seeds, Freemark Holdings and assorted angel investors also took part in the round, which has a $90m to $100m target for its close, sources told Entrackr. Private investor Shravin Bharti Mittal is expected to provide as much as $35m.
Founded in 2015, Cars24 operates an online live auction platform focusing on second-hand vehicles. The company, owned by Singapore-based holding firm Global Cars Group, has grown its presence to 161 offices across 47 Indian cities.
Cars24 had received a total of almost $50m in financing from 16 investors through March 2018, according to regulatory filings uncovered last year by Entrackr.
KCK provided $23m of that capital while Kingsway injected $19.6m. The company secured $7.7m in November 2015, $7m in February 2016, $27.2m in August 2017, and another $8m in March 2018.
Apoletto Asia, Venture Highway, 500 Startups, Asia Venture Group, Vendebita Trading, Regent Street Partners and angel investors Philipp Freise and Rahul Ravindra Raj Mehta were among the existing investors in Cars24 that were identified by Entrackr.
