CARS24 raises $450 million, nearly doubles its valuation to $1.84 billion

CARS24 has closed a $450 million round of funding, including a $340 million Series F equity round alongside $110 million debt from diversified financial institutions.

CARS24, India’s top pre-owned automobile e-commerce platform, has raised $450 million in the capital, including a $340 million Series F equity round and $110 million in debt from global financial institutions.

CARS24 intends to use the new funding to extend its global presence and expand its car, bike, and loan businesses in India, all while continuing to invest in technology that provides the best possible customer experience.

“With this funding, we will continue to penetrate existing car, bike, and financing industry in India while going into new abroad locations this year,” stated Vikram Chopra, Co-founder, and CEO of CARS24.

CARS24 is the market leader in the online used automobile segment, with a market share of over 90% and over 13 million monthly visitors and over 4 lakh transactions to date.