Used-Car Platform CARS24 Raises $400 Million At Valuation Of $3.3 Billion
Bengaluru: India's CARS24 said on Monday it had raised $400 million in a funding round that saw participation of asset manager Alpha Wave Global, valuing the used-car retailing platform at $3.3 billion.
The round comprises a $300 million equity infusion led by Alpha Wave and $100 million in debt from investors in India, Australia and the United Arab Emirates, CARS24 said in a statement. The funds will be used to expand the company's presence in the Middle East, Australia and Southeast Asia.
Founded in 2015, CARS24 allows people to sell their used cars on its online portal, enabling potential buyers to inspect the vehicles and facilitating the selling price in an online auction. More than 400,000 sellers have so far used the company's services, according to its website.
Rival Spinny raised $283 million earlier this month in a funding round at a valuation of about $1.8 billion, while Droom Technology filed for an initial public offering in November.
Indian startups have been on a tear in 2021, with several of them entering the "unicorn" club of $1 billion valuation, while high-profile names such as digital payments firm Paytm, food delivery firm Zomato and fashion e-commerce company Nykaa have made public market debuts via huge IPOs.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
