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.
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.
Credit facilities will be provided to customers as well as finance channel partners to help them expand their businesses.
Cars24 raised $50 Mn: Neither disclosed nor discussed, but why?
June 7, 2018