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, LLC (MSV), a New York based investment firm.
Moore Strategic Ventures is the privately held investment company for Louis M Bacon, Founder and CEO of Moore Capital Management, LP.
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 recently roped in former Indian cricket captain Mahendra Singh Dhoni as brand ambassador and an investor in the company. The company is expanding its reach and opened new outlets to strengthen its foothold in the pre-owned car segment. It is targeting to be present in 75 Indian cities by December 2019.
“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.
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.