HomeBusinessCars24 Nearly Doubles Valuation To Over $1.8 Billion After Fund Raise

Cars24 Nearly Doubles Valuation To Over $1.8 Billion After Fund Raise

Cars24 Nearly Doubles Valuation To Over $1.8 Billion After Fund Raise

Used-car platform Cars24 stated on Monday it has raised $450 million from traders together with SoftBank Group Corp’s Vision Fund 2, almost doubling its valuation to $1.84 billion.

The fund increase included a $340 million Series F fairness spherical that includes investments from Vision Fund 2, Tencent Holdings Ltd and DST Global, Cars24 stated, together with $110 million in debt from monetary establishments.

Cars24 was based in 2015 and dominates over 90 per cent of the nation’s on-line used-car market, with operations throughout greater than 130 cities in India.

“With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year,” Vikram Chopra, Cars24 co-founder and chief govt officer, stated in an announcement.

SoftBank’s Vision Fund 2 counts Indian meals supply startup Swiggy in its portfolio of internet-based client companies whereas Tencent has invested in Walmart-owned e-commerce agency Flipkart.

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