Mahendra Singh Dhoni-backed platform Cars24, which enables people to buy and sell used cars, has secured $100 million (approx INR 714 crore) in Series D equity funding round from Sequoia Capital, DST Global, Partners Fund and a clutch of existing investors, reported ET.
Cars24 will be using the infused capital to deepen its presence in new cities, franchise model, technology and NBFC business.
Before the latest funding round, the company Cars24, was valued at $550 million. While, reportedly, it is now eyeing to expand the business into 75 cities by the end of 2019, and 200 cities by 2020.
“With this investment, we have not only strengthened our vision to become India’s largest pre-owned automobile company but have also given one more reason to our customers to have faith in us. 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,” said Vikram Chopra, cofounder and CEO at Cars24.
Also, the company recently announced its foray into the franchise model and intends to scale up its presence in 300+ tier two, three, and four markets by 2021.
Furthermore, Cars24 declares that it does about 13,500 transactions on monthly basis, with an average order value of INR 3.5 lakh. The platform also claims to be doing a transaction of 1.5 Lakh cars per year and targeting 1 million annual transactions by the end of 2021.
The company also claims to own over 10,000 channel partners, registered on its platform and vows to surge the network to more than 20,000 partners by 2021.