WHOPPING FUNDING! After Dhoni starts batting for it, this used car marketplace bags $100 mn in funds

Tech-enabled used car marketplace CARS24 has announced that it has raised fresh capital of $100 million in their Series D round of funding. Along with its existing investors – KCK, Agnelli (Fiat) Family and Sequoia India, the company also raised a part of the funding in its latest round from Unbound, a global investment firm headquartered in London, and Moore Strategic Ventures, LLC (“MSV”), a New York-based investment firm.

New horizons after Dhoni 'bats' for CARS24

The fresh financing will be used to strengthen the footprint of the company in new cities, franchise model, technology and recently announced consumer lending (NBFC) business.

The pre-owned car company has lately announced its strategic partnership with the former Indian cricket captain Mahendra Singh Dhoni, as brand ambassador and one of the investors in the company.

The company is also expanding its geographical presence and has inaugurated outlets across India to strengthen its foothold in the pre-owned car segment.

CARS24 is currently targeting to be present in 75 Indian cities across by the end of December 2019.

“We are changing the transaction ecosystem for the pre-owned car marketplace in India. 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 frictionless for all,” said Vikram Chopra, Co-founder and CEO.

Commenting on the investment, Unbound founder, Shravin Bharti Mittal said, "We believe CARS24 is disrupting the pre-owned car industry in India and addressing the challenges faced by car owners by providing them with a world-class customer experience which is quick, easy and hassle-free."