Total amount raised
$1 Billion
Latest funding date
11/1/2020
Location
CARS24 has successfully navigated 16 funding rounds, attracting investments from 37 investors, including notable names like Global Car Group and Alibaba Group. The platform leverages technology and a robust dealer network to facilitate the buying and selling of pre-owned cars.
Keep reading to explore the intricacies of CARS24's fundraising journey and the investors backing this innovative AutoTech company.
What Is Cars24?
CARS24 is an AutoTech company headquartered in Gurgaon, Haryana, India. It operates primarily in the automotive, e-commerce, financial services, and marketplace sectors. The company employs between 5001-10000 people.
Specializing in the buying and selling of pre-owned cars, CARS24 leverages technology and a robust dealer network to streamline transactions. The platform also offers car loans and various car-related services, including checking and paying traffic challans and scrapping cars.
How Much Funding Has Cars24 Raised?
- Corporate Round
- Amount Raised: $29.8 million
- Date: July 2024
- Lead Investors: Global Car Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support expansion into new segments and increase revenue.
- Series G
- Amount Raised: $300 million
- Date: December 2021
- Lead Investors: Alpha Wave Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and technological advancements.
- Debt Financing
- Amount Raised: $100 million
- Date: December 2021
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and expansion.
- Debt Financing
- Amount Raised: $20 million
- Date: November 2021
- Lead Investors: Commercial Bank of Dubai
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support growth.
- Series F
- Amount Raised: $340 million
- Date: September 2021
- Lead Investors: Alpha Wave Global, SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and technological capabilities.
- Debt Financing
- Amount Raised: $110 million
- Date: September 2021
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational and expansion activities.
- Debt Financing
- Amount Raised: $1.3 million
- Date: June 2021
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support growth.
- Series E
- Amount Raised: $200 million
- Date: November 2020
- Lead Investors: DST Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and technological capabilities.
- Debt Financing
- Amount Raised: $1.3 million
- Date: July 2020
- Lead Investors: Vivriti Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational and expansion activities.
- Corporate Round
- Amount Raised: $37.1 million
- Date: November 2019
- Lead Investors: Global Car Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support expansion into new segments and increase revenue.
Total Amount Raised: $1.14 billion. Current Valuation: $3.2 billion.
Key Investors
- Global Car Group
- Details: Global Car Group is a Singapore-based parent company of Cars24. They have participated in multiple corporate funding rounds for the company.
- Investment Focus Areas: Automotive marketplaces, related technologies.
- Notable Investments: Multiple corporate funding rounds for Cars24.
- Alpha Wave Global
- Details: Alpha Wave Global is a prominent investment firm known for its significant investments in technology and growth-stage companies.
- Investment Focus Areas: Technology, growth-stage companies, innovation.
- Notable Investments: Not publicly disclosed.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused investment funds globally, managed by SoftBank Group.
- Investment Focus Areas: Technology, artificial intelligence, robotics.
- Notable Investments: Not publicly disclosed.
- Commercial Bank of Dubai
- Details: Commercial Bank of Dubai is a leading bank in the UAE, providing a range of financial services to individuals and businesses.
- Investment Focus Areas: Banking, financial services, corporate funding.
- Notable Investments: Not publicly disclosed.
- Trifecta Capital Advisors
- Details: Trifecta Capital Advisors is an Indian venture debt firm that provides funding to high-growth startups.
- Investment Focus Areas: Venture debt, high-growth startups, technology.
- Notable Investments: Not publicly disclosed.
What's Next for Cars24?
Cars24 is poised to capitalize on significant opportunities, such as expanding into new segments like hourly driver hiring and integrating with the state-backed Open Network for Digital Commerce (ONDC). These initiatives could substantially increase their market presence and revenue streams.
Given their history of raising over one billion dollars and a valuation of $3.2 billion, future fundraising seems likely to support these ambitious plans. However, they will face challenges, including competition from other auto marketplaces and the complexities of integrating new services and digital platforms.
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