The funding round additionally noticed the participation of present traders like Exor Seeds, Moore Strategic Ventures and Unbound.
Automobiles24, an Indian automobile-shopping for platform, on 24 November, introduced that it has raised $200 million (approx Rs 1,480 crore) in Series E funding round led by DST Global which additionally noticed the participation of present traders like Exor Seeds, Moore Strategic Ventures and Unbound taking its valuation over the $1 billion mark. This is double the valuation it had in October, 2019 when it raised $100 million. This funding will probably be used to drive know-how and product innovation and scaling new enterprise verticals.
This comes after the firm launched an announcement stating that it’s annual transactions had exceeded 200,000 models and it’s web site engagement elevated by 4 instances, thereby crossing the pre-Covid ranges.
Automobiles24 was based in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agrawal and Gajendra Jangid. It has unfold throughout 130+ cities in India now. DST Global, based by billionaire Yuri Milner has additionally invested in the likes of Swiggy, Ola and Byju’s to call a number of.
“Traditionally, car selling or buying has been a tiresome process. However, over the last five years, we have strived to transform the customer’s journey — ‘the Cars24 way’ that is hassle-free, safe and transparent. With this investment, we will continue to innovate our product and bolster our capabilities to provide the best experience for all parties — with sellers getting the best value for their car, and buyers getting to choose from a wide assortment of automobiles,” Vikram Chopra, Co-founder and CEO, mentioned in an announcement.
“Cars24 has pioneered a significantly differentiated experience for the customer and dealer by deeply leveraging data and technology at each step, resulting in world-class operational efficiency and market leadership in the segment. We are very excited to partner with Vikram, Mehul, Ruchit, Gajendra and the entire management team and look forward to working together as they continue to deliver tremendous value to the entire ecosystem through first principles thinking,” mentioned Rahul Mehta, Managing Partner at DST Global.
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