Pre-owned automobile marketplace on the internet CARS24 announced the completion of a USD 400 million round of investment on Monday, the company’s third in just over a year. With this financing, the company’s valuation has increased to USD 3 billion, about double what it was in the last round in September 2021. This round of investment consists of a $300 million Series G equity round and a $100 million loan round from a variety of financial institutions. Alpha Wave Global, a return investor, led the Series G equity financing, which included participation from other existing investors. The business additionally raised a total of USD 100 million in debt financing from India, Australia, and the United Arab Emirates.
With rising customer support projecting record-breaking growth for online used vehicle buying, CARS24 has announced a 50 percent gain in the previous quarter, clocking over 90 percent market share while maintaining market leadership in the online used car industry. With the introduction of CARS24 in Australia, the United Arab Emirates, and Thailand, the firm has seen tremendous development and a spike in worldwide opportunities. The e-commerce market for old cars is projected to be over $100 billion.
The funds will be used to expand the brand’s worldwide footprint in the Middle East, Australia, and Southeast Asia, as well as to improve its position in India. CARS24 recently opened seven massive refurbishing labs (MRLs) in India and one MRL in the UAE to improve its technologies and establish a worldwide gold standard for excellent used automobiles.
“CARS24 has aggressive plans for 2022 and beyond. There is greater acceptance amongst customers across the globe for our platform when purchasing their next car. We will continue to build the best infrastructure for the future with an end-to-end digital customer experience,” said Vikram Chopra, Co-founder and Chief Executive Officer of CARS24.
CARS24’s investment was ascribed by Navroz D Udwadia, Co-founder and Partner of Alpha Wave, to the company’s continuous efforts to solidify its leadership position across numerous worldwide marketplaces.
“CARS24 has robust competitive moats across in-house reconditioning and access to the widest assortment/supply and deep data science. znce. This investment will help CARS24 fortify its moats even further and scale 10x from here over the next few years,” said Udwadia.
