Cars24's total funding now stands at $875.8M. Here are the top-line bullets you need to know.
Cars24, an online used vehicle marketplace, has raised $450M in a mixture of debt and equity. The company raised $110M in debt from undisclosed investors and $340M in Series F funding from DST Global, SoftBank Group, Falcon Edge Capital, and Tencent Holdings, among others.
HOW’S THE COMPANY PERFORMING?
- India-based Cars24’s marketplace allows customers to buy and sell used vehicles, including cars and motorbikes.
- The company is active across 200 Indian cities and sees 13M site visitors monthly.
- Cars24 has sold over 400K cars and motorbikes on its site to date.
- The company recently launched its platform in Australia and the UAE.
WHY DOES THE MARKET MATTER?
- The global used car market is projected to grow at a CAGR of 5.5% to reach a value of $2.15T by 2027, according to Grand View Research.
- Online sales of used cars account for about 22% of total market share and are expected to be a key driver of future industry growth.
- The Covid-19 pandemic has accelerated digitization in the auto retail space, as 61% of consumers are now open to buying a car online, up from 32% before the pandemic.