In Its Latest Funding Round, Cars24 May Reach A Usd 3 Valuation

Cars24 is setting up around seven large-scale refurbishing labs across the country to improve the quality of cars before they are sold to the customers


According to media sources, Cars24, an online marketplace for selling used automobiles, is in advanced talks to raise a $250-300 million fundraising round led by its existing backer Falcon Edge.

Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Gajendra Jangid founded Cars24 in 2015, and it became a unicorn last year after a $200 million fundraising round sponsored by DST Global.

Cars24’s valuation is expected to rise to $3-3.3 billion if the investment goes through, up from $450 million raised in September from SoftBank Vision Fund II, Falcon Edge, and Yuri Milner’s DST Global.

Cars24 is worth anywhere from $1.72 billion to $1.75 billion. 
In November of last year, the company became the first unicorn in the used automobile industry, with valuation of just over $1 billion.
Cars24 was said to be in talks to raise $300- 350 million at valuation of roughly $2 billion, with SoftBank expected to participate.

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