Cars24 plans to set up Operation Overseas with a valuation of $3.3 Billion

Cars24, the used car marketplace, has raised $850 million in 2021, taking its valuation to $3.3 billion from $1.8 billion in the last three months. The company raised $400 million in its recent funding round led by Alpha Wave Global and prior to this the company raised $450 million in September, 2021. 

Cars24 is planning to use the raised capital for the expansion of its business in the Middle East, Australia, and Southeast Asia along with strengthening its foothold in India. The Global CEO of Cars24 India, Vikram Chopra has said that the company is coming with some aggressive plans for the next year. 

Cars24 is a platform that allows its users to sell and buy used cars and bikes online and offline. Its branches are available across 106 cities in India. A user can simply make an appointment and visit the branch in order to sell a car. 

While another automobile e-commerce company, Droom is going for an IPO, Cars24 is planning to wait another 18-24 months for its IPO. The CEO of Cras24 Kunal Mundra has said that the end goal of Cars24 is to be the most incredible auto e-commerce company in the world.