Cars24, the online marketplace startup to sell second-hand or used cars makes an entry to the Unicorn Club just after raising $200 million Series E funding round led by DST Global with participation from existing investors including Exor Seeds, Moore Strategic Ventures, and Unbound. The company is currently valued at above $1 Billion.
Cars24 plans to use the raised money towards technology, product innovation and scale new business verticals. Earlier, the company had raised $100 Mn in its Series D round of funding from its existing investors led by Unbound and Toronto-based KCK Global. The company also expanded itself into the used two-wheelers market in May of 2020.
“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 was founded in the year 2015 by Vikram Chopra, Gajendra Jangid, Ruchit Agarwal and Mehul Agrawal while operating in more than 130 cities. The company believes “deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment,” said Rahul Mehta. Beyond that, Cars24 vision is to provide an easy to use and trustworthy way for car owners and its customers to sell and buy used cars by providing them real buy price deals.
Cars24 also came into news for ESOP (employee stock ownership plan) cash-out scheme worth of Rs. 35 Cr to its employees. “The initiative has been announced keeping in mind the support and trust that the employees showcased in the company during the difficult times,” quoted by the company.