Used vehicle unicorn Cars24 nears $250 mn deal that could double valuation

Cars24 aims to make the purchase of a pre-owned vehicle as easy as buying a refrigerator or a smartphone online.

India’s Cars24 Services Pvt. is in talks with Yuri Milner’s DST Global and other investors for a funding round that could double the used-vehicle site’s value to $2 billion, a person familiar with the discussions said.

India’s biggest online marketplace for pre-owned cars is set to raise $200 million to $250 million from existing backers including DST, which may lead the round, said the person, who asked not to be named discussing a private deal. Other investors including Moore Capital Management could join the deal, which could close in a few weeks, the person added. The pact could value Cars24