The startup raised the funding from Unbound, a London-based investment firm and Moore Strategic Ventures, a New York-based investment firm. Its previous investors KCK, Agnelli (Fiat) Family and Sequoia India too were a part of the round. In August, Indian cricketer MS Dhoni too had participated in the same round for an undisclosed amount. He is also the brand ambassador for the startup.
Interestingly, Unbound is led by Sunil Mittal’s son Shravin Bharti Mittal. Cars24 sells over 13,000 cars every month through its platform. In 4 years, it sold 1.6 lakh cars. It is present in 35 cities and 150 branches. It aims to double its reach to 75 Indian cities by the end of the year. With the new funds, the company plans to set a strong foothold for its recently announced non-banking financial company (NBFC) business.
“Our motive is to expand across India and give our customers a hassle-free selling experience. Any car owner can sell their car at a great price in less than an hour by driving down to the nearest CARS24 branch. To make it a reality, we’ve been investing heavily in making our tech more robust, as well as convenient and friction-less for all."
— Vikram Chopra, Co-Founder and CEO
Even as the auto industry has been in the midst of a slowdown, Cars24 has been growing at 5% every month. In an earlier interview with Business Insider, Chopra said that the company also hopes to breakeven by December 2019.
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