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Ecommerce platform for pre-owned vehicles Cars24has closed a funding round of $400 million, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.

The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) along with participation from other existing investors.

CARS24 also raised a cumulative debt-funding of $ 100 million across India, Australia, and the UAE. The development comes after Cars24’s funding in September this year of $450 million at the valuation of $1.84 billion. With the latest round, Cars24’s valuation has doubled to $3.3 billion.

The investment will be used to fuel the brand’s expansion in the Middle East, Australia, and Southeast Asia, and to further strengthen its foothold in the Indian market.

In addition, CARS24 will continue to enhance its superior technology and build a gold standard for quality used cars globally, it said in a statement.

In this pursuit, CARS24 recently announced the launch of seven Mega Refurbishment Labs (MRLs) in India – an industry first, and one MRL in the UAE, which is amongst Dubai’s largest-ever commercial leasing deals, it claims.

Speaking on the development, Vikram Chopra, Co-founder and CEO, CARS24, said,

“Today’s news is just another step in CARS24’s  journey; we’re in it for the long haul, and we look forward to continuing our work of creating a frictionless consumer experience for used car customers. CARS24 has aggressive plans for 2022 and beyond, and we can’t wait to put this investment to work. Today, we are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car. As we continue to build the best infrastructure for the future with an end-to-end digital customer experience, we are confident that this will delight our customers with our high-touch industry experience.”

Founded in 2015, CARS24 aims to transform the way consumers buy, sell, and finance used cars by leveraging technology at every leg of the consumer journey to solve genuine pain points and deliver a seamless buying experience. 

The rise of online retail around the world remains strong and continues to see increased support from consumers forecasting record-breaking growth for online shopping of used cars. By enabling seamless experience and solving genuine used car customers’ pain points, CARS24 is transforming the way consumers buy cars.

As a result, CARS24 has reported a growth of 50 percent in the last quarter, clocking over 90 percent market share in the online used car segment while retaining the market leadership.