CARS24, an online used car platform announced the closing of a $400m round of funding, with a $300m Series G equity round alongside $100m debt from diversified financial institutions.
This round is CARS24’s third in just over a year and values the used cars e-commerce player at USD$3.3 billion, about double the valuation from its previous round in September 2021.
CARS24 to invest in global expansion
CARS24 also successfully raised a cumulative debt-funding across India and the UAE, which combined with Australia’s November debt raise, via IFM Investors, totals $100 million.
The investment will fuel the brand’s global expansion in Australia, the Middle East and Southeast Asia, and to further strengthen its foothold in the Indian market. CARS24 will continue to enhance its technology and build a gold standard for quality used cars globally.
Even amid rapid growth, CARS24’s global opportunity remains massive.
The accelerated adoption of CARS24 across Australia, the UAE and Thailand shows the need for a used car e-commerce platform experience and is an indication of its future impact.
Olga Rudenko, the CEO of CARS24 Australia said, “This is just another step in CARS24’s journey to transform the way Australians buy used cars. We have aggressive plans for expansion in 2022 and beyond, and we can’t wait to put this investment to work.”
“As we build the best infrastructure for the future with an end-to-end customer experience, we’re confident that we can delight our clients by offering convenience and value.”
CARS24’s global profile
Founded in India in 2015 and launched in Australia in September 2021, CARS24 transforms the way clients buy, sell and finance used cars with technology at every leg of the consumer journey to solve genuine pain points and deliver a seamless buying experience.
The rise of online retail around the world remains strong and continues to see increased support from consumers forecasting record-breaking growth for online shopping of used cars.
Through successfully enabling a seamless experience and solving genuine used car clients’ pain points, CARS24 is therefore transforming the way that consumers purchase used cars.