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CARS24, an online transaction platform for pre-owned vehicles, has raised $200 million in a Series E funding round led by DST Global, with participation from existing investors including Exor Seeds, Moore Strategic Ventures and Unbound.
The investment values the firm at over $1 billion, making it the latest unicorn.
The firm will use the funding for technology and product innovation and scale new business verticals, the company said in a statement.
“With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties — with sellers getting the best value for their car, and buyers getting to choose from a wide assortment of automobiles,” CARS24 Co-founder and CEO Vikram Chopra said.
CARS24 had recently forayed into the used two-wheelers category, while it had also acquired an NBFC license last year.
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, CARS24 provides a platform to buy and sell pre-owned vehicles (cars and bikes) and provides financing options. The company operates in over 130 cities in India.
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