Cars24 raises $400 mn in funding, valuation up 83% at $3.3 bn in 3 months

Cars24, an e-commerce platform for pre-owned vehicles, on Monday said it had raised $400 million in its Series G round of funding at a $3.3-billion valuation. The company’s previous funding round was in September, when it raised $450 million at a $1.84-billion valuation.

The latest round includes $300-million equity funding alongside $100 million of debt from various financial institutions in India, Australia, and the UAE. The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital), along with participation from other existing investors.

The investment will be utilised for the company’s expansion in West Asia, Australia, and Southeast Asia, and to strengthen its foothold in India.