CARS24, a tech-enabled used car marketplace, has raised fresh capital of $100 million in their Series D round of funding. Along with its existing investors – KCK, Agnelli (Fiat) Family and Sequoia India, the company also raised a part of the latest round from Unbound, a global investment firm headquartered in London, and Moore Strategic Ventures (“MSV”), a New York based investment firm. The fresh financing will be used to strengthen the footprint of the company in new cities, franchise model, technology and recently announced consumer lending (NBFC) business.
The pre-owned car company has announced its strategic partnership with the former Indian cricket captain Mahendra Singh Dhoni, as brand ambassador and one of the investors in the company. The company is also expanding its geographical presence and have inaugurated outlets across India to strengthen its foothold in the pre-owned car segment. CARS24 is currently targeting to be present in 75 Indian cities across by the end of December 2019.
“We are changing the transaction ecosystem for the pre-owned car marketplace in India. With this investment, we have not only strengthened our vision to become India’s largest pre-owned automobile company but have also given one more reason to our customers to have faith in us. Our motive is to expand across India and give our customers a hassle-free selling experience. Any car owner can sell their car at a great price in less than an hour by driving down to the nearest CARS24 branch. To make it a reality, we’ve been investing heavily in making our tech more robust, as well as convenient and friction less for all.” said Vikram Chopra, Co-founder and CEO, speaking on latest funding.
Commenting on the investment, Unbound’s founder, Shravin Bharti Mittal said, "We believe CARS24 is disrupting the pre-owned car industry in India and addressing the challenges faced by car owners by providing them with a world class customer experience which is quick, easy and hassle-free."
At present, the company has over 10,000 channel partners registered on its platform and intends to increase the network to 20,000+ partners over the next 2 years. CARS24 has been actively launching operations in many Tier 2 and Tier 3 cities. Today, CARS24 is doing a transaction of 1.5Lac cars per year and targeting 1 million annual transactions by the end of 2021. As a part of its expansion plan, CARS24 launched a franchise business model and diversified into the consumer lending business earlier this year.