ⓘ Featured image: Cars24 co-founders; Mehul Agarwal (L) and Vikram Chopra; Credits: Cars24.com
Gurgaon, India-based used cars marketplace, Cars24 on Tuesday, announced that it has raised $200 million in Series E round led by DST Global, with participation from existing investors including Exor Seeds, Unbound and Moore Strategic Ventures. Following the latest funding round, Cars24 has also attained the unicorn status by getting itself valued above $1 billion.
The company in a statement said that the fresh capital will be deployed towards tapping into new business verticals and strengthening its product and technological infrastructure.
Founded in 2015 by Vikram Chopra and Mehul Agrawal, Cars24 is a tech-enabled marketplace for buying and selling pre-owned cars. The company also has established physical outlets across the country.
The company claims that it has transacted over 3,000 two-wheelers so far and its transaction volume has crossed its pre-COVID volume by over 20 percent, with a month-on-month sales volume of around $50 million and 15,000 cars.
The company last year received NBFC license, and earlier this month, Cars24 announced ESOPs cash-out scheme worth INR 35 crore (around $4.7 million) for its employees.
Cars24 last year laid off over 300 employees, and also received a legal notice from a number of landlords for alleged defaults of payments, due to which the company shut down various physical stores across NCR region.