Australia’s first 100% online used car buying experience, CARS24 has announced the closing of a USD$450 million round of funding including a USD$340 million Series F Equity round alongside USD$110 million debt from diversified financial institutions.
The Series F Equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund 2 along with participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds.
With the latest investment, CARS24 will expand its global presence as well as further build its cars, bikes and financing business in India, while continuing to invest in technology that delivers the best customer experience possible.
Speaking on the development, CARS 24 co-founder and CEO, Vikram Chopra said, “Just last month, we celebrated our six successful years of operations, and we are incredibly excited to share that CARS24 has officially closed its largest round of funding to date.
“Traditionally, car selling or buying has been a tiresome process. However, over the last six years, we have been working continuously towards fulfilling the dreams of many to own a car by transforming the customer’s journey – ‘the CARS24 way’ that is hassle-free, safe and transparent.
“With this investment, we will continue to penetrate into existing car, bikes and financing business in India while venturing into new overseas geographies this year.”
CARS24 Australia CEO Olga Rudenko, commented, “CARS24 has a global reputation for disrupting the used car market, and we are delighted to be spearheading the expansion here in Australia.
“This latest round of funding reinforces the strength of the CARS24 business model in delivering a convenient and trustworthy way to buy a used car. Our Australian launch has been incredibly well received, and with the support of our founders, we’re confident we can continue to grow in this market by offering Australian used car buyers greater convenience and value.”