New Delhi: Cars24, the online market for pre-owned cars, is set to close the $ 350 million funding round which will appreciate the company around $ 1.8 billion.
Great investors who want to pump cash into a startup with a gurgaon center are Softbank, Global DST and Carlyle, saying people who are familiar with their development.
The company’s assessment was set at around $ 1.5 billion during funding talks.
Cars24, founded by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid in 2015, entered the Unicorn club (worth more than $ 1 billion) in November last year, when they raised $ 200 million in the LED round by DST Global, an investment company .
Led by Russian billionaire Yuri Milner.
The previous Global DST has invested in Indian startups such as sustainable, Ola and Swiggy.
Chopra, CEO at Cars24 and former Sequoia executive, cannot be contacted for comments.
Startup is set to close a few weeks after Dovian rival, led by Sandeep Aggarwal, sweeping $ 200 million in pre-IPO funds that appreciate $ 1.2 billion.
Along with the Kemugesu, Cars24 competes with companies such as Cardekho, Spinny and Cartrade and more traditional traditional channels in pre-owned car spaces such as Mahindra’s first choice and OLX.
Increasing investor interest in the room comes on the back of Covid-19 as a third-party ignition service has taken the back seat.
This new era platform is a banking assuming that this will accelerate the sale of used cars because consumers will distract them online while selling or buying used cars.