New Delhi: The largest online market in India for used cars, Mobil24 Pvt services, approaching an agreement to collect around $ 350 million from Global DST, Softbank Group Corp.
and other investors, according to someone who is familiar with this problem.
Fundraising will also cover the capital Edge Falcon and appreciate startup at almost $ 2 billion, the person said, who asked not to be named because the details were not common.
Funding which is now imagined greater than $ 200 million to $ 250 million in the previously reported Bloomberg News.
The round is expected to close in the next few weeks, the person said, even though the details could still change.
Cars24 is starting a conversation about the initial public offering and aims to go public in 18 to 24 months, said the person.
The Indian IPO market has soared and is on track for a record year.
Cartrade Tech Ltd, another online market for cars, is expected to have its shares start trading August 20.
Mobil24 and spokesman Softbank refused to comment.
Demand for used vehicles has been boomed in India because consumers try to avoid mass transit systems during Covid-19 pandemic.
This outbreak has hurt new car sales, but buyers who are aware of the cost of finding a car that has been previously owned.
Startup, based in Gurgaon on the outskirts of New Delhi, was founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid to make used used vehicle trading.
Buying and selling cars in India has long experienced anxiety, a corrugated process dominated by the yard of Para-Padang streets, with consumers of distrust of prices and conditions of vehicles.
Cars24 aims to purchase pre-owned vehicles as easy as buying refrigerators or online smartphones.
It’s a vehicle price based on the AI algorithm and uses data to determine which car will give new owners who are least problem.
Vehicles are updated at the company’s reconditioning facility before being registered on the platform.
Cars24 has a return policy without a question of seven days and provides a six-month warranty.
It also sells motorbikes and scooters previously owned and offers financing.
Cars24 to collect $ 350 million from Softbank, others
