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.

• Government Plans Deep-Sea Mission with Human Crew by Early 2026: Jitendra Singh
• IRCTC Website and App Down: Train Ticket Booking Hit by Major Outage
• World Bank Increases China’s GDP Forecast for 2024, 2025
• Nirmala Sitharaman Meets Trade Experts Ahead of Budget
• Indian Cricketer Invests in Tech Startup

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.