CARS24 Raises $340M in Series F Funding Led by DST Global

CARS24 Raises $340M in Series F Funding Led by DST Global, Falcon Edge and SoftBank Vision Fund 2 to Speed Tech Investment and International Expansion

 

The autotech unicorn is now valued at $1.84B and plans to double down on growth across Southeast Asia

Asia’s fastest growing autotech company CARS24 is now valued at $1.84B after the company raised $340M in series F equity funding round led by DST Global, Falcon Edge and SoftBank Vision Fund 2.

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. The new round of funding will be used to ramp up international expansion, technology investment, as well as facilitating consumer financing.

CARS24 is the market leader in India’s online used car segment with over 90 per cent market share, and they successfully launched operations in the UAE and Australia in 2021. As part of its international expansion strategy now CARS24 has its eyes set on expanding into the Southeast Asia region.

Mr. Abhijeet Dabas, CEO of CARS24 in SEA, said, “We have earned customer trust in India, as well as now UAE and Australia, by continuously enhancing the end-to-end experience with technology and data science. We are now bringing the same seamless CARS24 customer experience to Southeast Asia to make buying pre-owned cars hassle free, safe and transparent. Our efforts will be directed to encourage consumers to embrace the simplicity and convenience of buying their next car entirely online, the same way they can buy fashion, mobile gadgets, or home appliances online.”

The volume sales of used cars are 1.3 times of that compared to new vehicles in Southeast Asia, with the potential to significantly increase in the near future.1 Rising safety considerations because of the COVID-19 pandemic as well as increasing value consciousness are driving an ever higher number of consumers towards pre-owned cars as they look to travelling safe and buying smart.

“Everywhere the biggest customer pain points are the lack of trust between buyers and sellers, and the broken experience where customers can’t find or secure the right cars for their budget and lifestyle. CARS24 is designed to solve such problems by offering the biggest assortment of quality cars with 100% transparency on our platform. What you see is what you get,” Mr. Dabas explained.

CARS24 is set to launch in Thailand later this year with an ambition to transform the pre-owned car buying experience for all Thais.