CARS24 raises $200 million in Series E led by DST Global
The funding will be used to invest aggressively in technology & product innovation and scale new business verticals
CARS24 today announced a $200 million Series E funding round led by DST Global with participation from existing investors including Exor Seeds, Moore Strategic Ventures and Unbound at a valuation of over $1 billion. This funding will be used to invest aggressively in technology & product innovation and scale new business verticals. With annual transactions exceeding 2,00,000 units and 4X increase in website engagement, the company has already surpassed pre-COVID levels.
“Traditionally, car selling or buying has been a tiresome process, however, over the last five years, we have strived to transform the customer's journey- 'the CARS24 way' that is hassle-free, safe and transparent. 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.” Vikram Chopra, Co-founder and CEO, said in a statement.
“CARS24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment. We are very excited to partner with Vikram, Mehul, Ruchit, Gajendra and the entire management team and look forward to working together as they continue to deliver tremendous value to the entire ecosystem through first principles thinking.” said Rahul Mehta, managing partner at DST Global.
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