Cars24, an auto marketplace, has secured INR 250 Cr ($29.8 Mn) in funding from its Singapore-based parent company, Global Car Group Limited.
The financing is closely followed by Cars24’s expansion into new segments to help increase its revenue. For example, in March, the car marketplace initiated a pilot program to enable car proprietors to employ drivers on an hourly basis in demand.
Cars24 also signed a letter of intent to join the state-backed Open Network for Digital Commerce (ONDC) in May of this year. These new offerings may be fuelled by the new capital.
Read also – Monarch Networth Capital to Raises Rs 300 Cr Funding Round
Cars24 maintains a marketplace that facilitates the sale of used cars by car owners. Additionally, it permits users to acquire pre-owned automobiles through its platform and offline retailers.
Since its inception, Cars24 has secured over one billion dollars in funding and was most recently valued at upwards of $3.2 billion.
About Cars24
Founded in 2015 by Vikram Chopra, Gajendra Jangid, Ruchit Agarwal, and Mehul Agrawal, CARS24 is a leading AutoTech company streamlining and revolutionizing the sale, purchase, and financing of pre-owned cars in India, Australia, Thailand, and UAE. Leveraging a Smart AI Pricing Engine, and 140 quality checks, selling and buying pre-owned vehicles is seamless and transparent with CARS24.
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