Bengaluru: Cars24 India said on Monday it had accumulated $ 400 million in the funding round which saw the participation of the Alpha Wave Global Asset Manager, assessing used car retail platforms at $ 3.3 billion.
This round consists of an Equity Infusion of $ 300 million led by alpha waves and $ 100 million debt from investors in India, Australia and the United Arab Emirates, Cars24 said in a statement.
The funds will be used to expand the presence of companies in the Middle East, Australia and Southeast Asia.
Established in 2015, Cars24 allows people to sell their used cars on online portals, allow potential buyers to check vehicles and facilitate selling prices in online auctions.
More than 400,000 sellers have so far used company services, according to its website.
Spinny rivals collected $ 283 million earlier this month in the funding round with an assessment of around $ 1.8 billion, while Moom Technology made an initial public offering in November.
The Indian startup has been crying in 2021, with some of them entering the “Unicorn” club assesses $ 1 billion, while the name of high profile is like a digital paytm payment company, the Zomato food delivery company and the NYKAA e-commerce company has made a public market debut through a large IPO .