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CARS24

CARS24

CARS24 is an India-based platform for selling used cars.

CARS24 is a provider of an online automotive marketplace intended to simplify the sale of vehicles. The company's platform enables owners to determine a valuation for their vehicle, book an appointment for inspection and sell their car. CARS24 promises to help customers to sell cars quicker than through traditional methods and with greater price confidence.

CARS24 is an ISO 9001:2015 certified company founded in 2015. Since its inception, CARS24 has expanded from one office in Delhi to more than 50 branches across cities in India, including Bengaluru, Bhopal, Faridabad, Gurgaon, Hyderabad, Jaipur, Kolhapur, Kolkata, Mumbai, Pune and Vijayawada and with a team of more than 700 employees.

In July 2019, CARS24 received a the licence of a non-banking financial company (NBFC) from the Reserve Bank of India to venture into the consumer lending business. As part of this expansion, CARS24 formed a separate entity - Cars24 Financial Services - under the CARS24 Group to provide customers with access to credit. Services launched in Delhi, Mumbai and Begaluru in August 2019 before being scaled to other cities.

Under Cars24 Financial Services, credit facilities will be provided to customers and finance channel partners to help them expand their businesses. Customers will be eligible for credit based on the value of the car they intend to purchases, the average size of the loan being $2800 to $3600. Channel partners are eligible for credit as high as $150,000, dependent upon requirement.

Timeline

September 20, 2021
Cars24 raises $450,000,000 in Series F round, co-led by DST Global, Falcon Edge and SoftBank Vision Fund 2, with Tencent and Moore Strategic Ventures and Exor Seeds also participating.
September 20, 2021
CARS24 raises a $340,000,000 series F round.
November 24, 2020
Series E

Cars24 raises $200 million in Series E funding round led by DST Global with participation from existing investors including Exor Seeds, Moore Strategic Ventures and Unbound.

October 17, 2019
CARS24 raises a $100,000,000 series D round from Exor, KCK, Moore Strategic Ventures, Sequoia Capital India and Unbound.
August 2019
Cars 24 gets NBFC Licence.

Credit facilities will be provided to customers as well as finance channel partners to help them expand their businesses.

June 7, 2018
CARS24 raises a $50,000,000 series C round from 500 Global, Apoletto Managers, Asia Venture Group, Exor, KCK and Sequoia Capital India.

Funding rounds

Patents

Further Resources

Title
Author
Link
Type
Date

Cars24 raised $50 Mn: Neither disclosed nor discussed, but why?

Jai Vardhan

Web

June 7, 2018

News

Title
Author
Date
Publisher
Description
Richard Dal Porto
September 20, 2021
TechCrunch
Hello friends and welcome to Daily Crunch, bringing you the most important startup, tech and venture capital news in a single package.
September 20, 2021
https://www.outlookindia.com/
The funding round, which takes the valuation of Cars24 to $1.84 billion, was led by DST Global, Falcon Edge, SoftBank Vision Fund 2 and others.
Ingrid Lunden
September 20, 2021
TechCrunch
The used car market is getting another major infusion of venture capital today, with one of the faster scaling startups out of India picking up a major round of financing to double down on growth: Cars24 -- a site and app that sells users cars and used two-wheeled motorbikes -- has raised $450 million, a [...]
Ingrid Lunden
September 20, 2021
TechCrunch
The used car market is getting another major infusion of venture capital today, with one of the faster scaling startups out of India picking up a major round of financing to double down on growth: Cars24 -- a site and app that sells users cars and used two-wheeled motorbikes -- has raised $450 million, a [...]
Saritha Rai | Bloomberg
July 2, 2021
@bsindia
Cars24 aims to make the purchase of a pre-owned vehicle as easy as buying a refrigerator or a smartphone online.
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References

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