Tech SamvadNov 25, 2020 12:02:18 IST
Cars24, an Indian car-buying platform, on 24 November, announced that it has raised $200 million (approx Rs 1,480 crore) in Series E funding round led by DST Global which also saw the participation of existing investors like Exor Seeds, Moore Strategic Ventures and Unbound taking its valuation over the $1 billion mark. This is double the valuation it had in October, 2019 when it raised $100 million. This funding will be used to drive technology and product innovation and scaling new business verticals.
This comes after the company released a statement stating that it’s annual transactions had exceeded 200,000 units and it’s website engagement increased by four times, thereby crossing the pre-Covid levels.
Cars24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agrawal and Gajendra Jangid. It has spread across 130+ cities in India now. DST Global, founded by billionaire Yuri Milner has also invested in the likes of Swiggy, Ola and Byju’s to name a few.
“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, and buyers getting to choose from a wide assortment of automobiles,” Vikram Chopra, Co-founder and CEO, said in a statement.
“Cars24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment. We are very excited to partner with Vikram, Mehul, Ruchit, Gajendra and the entire management team and look forward to working together as they continue to deliver tremendous value to the entire ecosystem through first principles thinking,” said Rahul Mehta, Managing Partner at DST Global.
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