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CARS24 raises $400M funding

CARS24 will use the investment to fuel the brand’s expansion in the Middle East, Australia, and Southeast Asia,

Cars24
Cars24

Pre-owned vehicle ecommerce platform Cars24 has raised $400 million in finance, which includes a $300 million Series G equity round and a $100 million debt round from a variety of financial institutions.

Return investor Alpha Wave Global (previously known as Falcon Edge Capital) led the Series G equity financing, which included participation from other existing investors.

CARS24 was founded in 2015 with the goal of revolutionising the way people buy, sell, and finance used vehicles by employing technology at every step of the purchase process to alleviate genuine pain points and provide a smooth buying experience.

The firm claims it expects to reach $90 billion in total payment volume (TPV) by the end of 2022, up from $60 billion in December 2021.

The surge of internet retail around the world continues to be strong, with customers anticipating record-breaking growth for online used car shopping. CARS24 is changing the way people buy automobiles by providing a smooth experience and addressing genuine used car shoppers’ pain points.

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