On Monday, CARS24 said that it had raised $400 million in a funding round that saw the participation of asset manager Alpha Wave Global, valuing the used-car retailing platform at $3.3 billion.
The round comprises a $300 million equity infusion led by Alpha Wave and $100 million in debt from investors in India, Australia and the United Arab Emirates, CARS24 said.
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The funds will expand the company’s presence in the Middle East, Australia and Southeast Asia.
Indian startups have been on a tear in 2021, with several of them entering the “unicorn” club of $1 billion valuations, while high-profile names such as digital payments firm Paytm, food delivery firm Zomato and fashion e-commerce company Nykaa have made public market debuts via massive IPOs.
