
Total amount raised
$1 Billions
Latest funding date
November, 2020

Location
CARS24 has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform specializes in buying and selling pre-owned cars using advanced technology and a robust dealer network.
Keep reading to explore the intricacies of CARS24's fundraising journey and the investors backing this innovative platform.
What Is Cars24?
CARS24, founded in 2015, is an AutoTech company based in Gurgaon, Haryana, India. The platform specializes in buying and selling pre-owned cars using advanced technology and a robust dealer network.
The company was founded by Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal, and Vikram Chopra. They have built a tech-enabled marketplace that utilizes an AI-enabled pricing algorithm and offers services like vehicle inspection and secure transactions.
With a workforce of 5001-10000 employees, CARS24 continues to innovate in the automotive industry, providing a seamless experience for both buyers and sellers.
How Much Funding Has Cars24 Raised?
- Corporate Round
- Amount Raised: ₹2.5B
- 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: ₹22.8B
- Date: December 2021
- Lead Investors: Alpha Wave Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Debt Financing
- Amount Raised: ₹7.6B
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve liquidity and manage operational costs.
- Debt Financing
- Amount Raised: $20M
- Date: November 2021
- Lead Investors: Commercial Bank of Dubai
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion efforts.
- Series F
- Amount Raised: $340M
- Date: September 2021
- Lead Investors: Alpha Wave Global, SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and market penetration.
- Debt Financing
- Amount Raised: $110M
- Date: September 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support operational needs.
- Debt Financing
- Amount Raised: ₹100M
- Date: June 2021
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund working capital and operational expenses.
- Series E
- Amount Raised: $200M
- Date: November 2020
- Lead Investors: DST Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology.
- Debt Financing
- Amount Raised: ₹100M
- Date: July 2020
- Lead Investors: Vivriti Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business continuity during the pandemic.
- Corporate Round
- Amount Raised: ₹3.1B
- Date: November 2019
- Lead Investors: Global Car Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance market presence.
Total Amount Raised: $1.5B
Current Valuation: $3.2B
Key Investors
- Global Car Group
- Details: Global Car Group is a Singapore-based parent company of CARS24. It has been a significant investor in multiple funding rounds for CARS24.
- Investment Focus Areas: Automotive, Technology, Marketplaces
- Notable Investments: CARS24
- Alpha Wave Global
- Details: Alpha Wave Global is a global investment firm that focuses on high-growth technology companies. They have been a lead investor in several funding rounds for CARS24.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: CARS24, Swiggy, PolicyBazaar
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused investment funds in the world. They have invested in CARS24 to help accelerate its growth and market penetration.
- Investment Focus Areas: Technology, AI, Robotics
- Notable Investments: Uber, WeWork, CARS24
- Commercial Bank of Dubai
- Details: Commercial Bank of Dubai is a leading bank in the UAE, providing a range of financial services. They have participated in debt financing rounds for CARS24.
- Investment Focus Areas: Banking, Financial Services, Real Estate
- Notable Investments: CARS24
- DST Global
- Details: DST Global is a venture capital firm that invests in late-stage internet companies. They have been a key investor in CARS24's Series E round.
- Investment Focus Areas: Internet, Technology, Consumer
- Notable Investments: Facebook, Alibaba, CARS24
What's Next for Cars24?
As CARS24 looks to the future, the opportunities are vast. The company is set to expand into new segments, such as enabling car owners to hire drivers on an hourly basis. This move, coupled with their integration into the state-backed Open Network for Digital Commerce (ONDC), positions them to tap into a growing market for flexible car services.
With a recent funding boost of INR 250 Cr ($29.8 Mn) from Global Car Group, CARS24 is well-equipped to fuel its growth and innovation. This financial backing suggests that future fundraising rounds are likely, especially as the company continues to scale and diversify its offerings.
However, challenges lie ahead. The competitive landscape of the auto marketplace and the complexities of integrating new service segments could pose hurdles. Additionally, navigating regulatory requirements, particularly with initiatives like ONDC, will be crucial for sustained success.
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