Debt

Debt Financing

Used cars seller Cars24 raises Rs.100-Cr round from Trifecta

Entrackr  

Used car selling platform Cars24 has raised INR 100 crore in debt from Trifecta Capital. The fresh infusion has come after seven months of the company's USD 200 million equity round that made it the first unicorn in the used car space. Cars24 has allotted 1,000 series B debentures to Trifecta Venture Debt Fund – II at a fair value of INR 10 lakh each to raise the sum. These are unlisted, secured debentures for a period of 12 months. The proceeds are likely to be used in buying cars from customers. Cars24 buys used four-wheelers and bikes from consumers and sells them to dealers through the auction model. This would be the second debt round for Cars24. Last July, it had raised INR 10 crore in its maiden debt round from Vivriti Capital.