Next-gen E-commerce platform for pre-owned cars, Cars24 has said that it has raised $200 million in its latest funding round at a valuation of more than $1 billion, entering the unicorn club. 
The Series E funding round was led by Global Internet investment firm DST Global fund and saw participation from its existing investors including Exor Seeds, Unbound and Moore Strategic Ventures.
“People who did not have cars are looking to own a car due to safety issues while many others want to upgrade from two-wheelers. There is a surge in traffic on the website, and monthly transactions have surpassed pre-covid levels,” said Vikram Chopra, Co-Founder & CEO, Cars24.
The fund raised in the latest funding round will be utilised to strengthen new lines of Cars24’s business like pre-owned two-wheelers, vehicle services and other similar services. It will also be used for hiring staff, building brand value and to increase market share from 4 per cent to double digits, said Chopra in an interview.
The Gurugram-based startup is India’s first automotive sector startup to achieve unicorn status. Due to the fear of using public transport amid the rising of deadly spread coronavirus disease prompted consumers to shift towards personal mobility. They explored easier and trusted way to buy and sell used cars wherein startups such as Cars24 helped them to get better hassle-free car options.