Cars24 raises $100 million in Series D round: Details here
Cars24, the Gurugram-based company that claims to offer an easy and hassle-free experience of buying/selling used cars, has raised $100 million from a bunch of existing and new investors in a Series D round. The funding was led by existing investors Unbound and KCK Global (both invested $25 million) along with Moore Strategic Ventures, Sequoia Capital, DST Global, Partners Fund, and the Agnelli Family.
Cars24 was started by Mehul Agrawal, Vikram Chopra, Gajendra Jangid, and Ruchit Agarwal with a mission to revolutionize the way used cars are sold in India. The company offers an efficient and reliable platform, where people can sell or buy used cars. Presently, it claims to clock around 13,500 transactions monthly, with an average order value estimated at around Rs. 3.5 lakh.
"We believe Cars24 is disrupting the pre-owned car industry in India and addressing the challenges faced by car owners by providing them with a world class customer experience which is quick, easy and hassle-free," Shravin Bharti Mittal, Unbound's founder, commented on the latest investment.
Since its inception, Cars24 has raised a total funding of around $200 million (including the latest round), and its valuation now stands at more than $600 million. Prior to this latest investment, the company had received $50 million in a Series C round from KCK Global, Kingsway Capital, MPGI, and Sequoia Capital India in 2018.
With fresh funds, Cars24 plans to expand its network to over 20,000 partners and mark its presence in over 200 cities by 2021. "The priority is to scale the business right now," Agarwal told ET. "We are in 50 cities currently, and will be ending the current calendar year at 75 cities. By the end of 2020, we expect to be in 200 cities."