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E-commerce platform CARS24 secures AED 1.2bn in funding round

E-commerce platform CARS24 secures AED 1.2bn in funding round
The Series F equity round was led by DST Global, Falcon Edge

UAE - Mubasher: CARS24, an e-commerce platform for pre-owned vehicles, has closed an AED 1.2 billion round in Series F equity funding, doubling its value to AED 6.75 billion.

The Series F equity round was led by DST Global, Falcon Edge, and SoftBank Vision Fund 2, in addition to participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds, according to a press release on Monday.

This funding comes months after CARS24 had expanded into the UAE and Australian markets. 

The e-commerce platform will benefit from the funds in expanding its global presence, financing businesses in India, and continuing to invest in technology.

The Co-founder and CEO of CARS24, Vikram Chopra, said: "With this investment, we will continue to penetrate into existing car, bikes and financing business while venturing into new overseas geographies this year."

Meanwhile, the Managing Partner at SoftBank Investment Advisers, Munish Varma, commented: "CARS24 is building a data-enabled tech platform that is organizing the fragmented used car market in India. We have been closely tracking its approach and efforts that have disrupted the used car retailing in India."