PE Fund Investments
Used cars platform Cars24 raises $400-M from Alpha Wave, others; valuation jumps to $3.3 B
Gurugram-based Cars24, an online platform for used cars, has raised a USD 400 million financing round led by Alpha Wave (managed by Falcon Edge Capital). This includes a USD 100 million debt component which has been sourced from investors like Commercial Bank of Dubai and IFM Investors in Australia. Cars24's other existing investors have also participated in this round. After the funding, Cars24's valuation has jumped more than 80% to USD 3.3 billion from its previous funding in September. At that time, the company had closed a USD 450 million funding which was led by SoftBank Vision Fund, Alpha Wave and DST Global, at a valuation of USD 1.8 billion. The company will use the fresh funds for large-scale refurbishing labs across the country to improve the quality of cars before they are sold to customers. It recently entered Thailand and has been present in the UAE and Australia.
From the Venture Intelligence PE-VC Deal Database: Between Nov-15 and Sep-21 Cars24 raised nearly $800 M from Exor, Moore Strategic Ventures, Tencent, Falcon Edge Capital, DST Global, SoftBank Corp, Trifecta Capital, Unbound, Sequoia Capital India, Asia Venture Group, Apoletto, VH Capital, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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