Used-car platform Cars24 said on Monday it has raised $450 million from investors including SoftBank Group Corp's Vision Fund 2, nearly doubling its valuation to $1.84 billion.
The fund raise included a $340 million Series F equity round featuring investments from Vision Fund 2, Tencent Holdings Ltd and DST Global, Cars24 said, along with $110 million in debt from financial institutions.
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Cars24 was founded in 2015 and dominates over 90 per cent of the country's online used-car marketplace, with operations across more than 130 cities in India.
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"With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year," Vikram Chopra, Cars24 co-founder and chief executive officer, said in a statement.
SoftBank's Vision Fund 2 counts Indian food delivery startup Swiggy in its portfolio of internet-based consumer firms while Tencent has invested in Walmart-owned e-commerce firm Flipkart.
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