Cars24 Services Ptv., an Indian e-commerce platform, has raised $ 400 million in funding, valuing it at $ 3.3 billion, roughly double its September estimate.
The company, which was launched in 2015 and operates in Australia, the United Arab Emirates, and Thailand, has completed a $ 300 million Series G investment round led by Alpha Wave Capital, as well as a $ 100 million debt financing.
The company intends to expand in the Middle East and Asia
Car24 provides a platform for users to purchase, sell, and fund transactions involving supported vehicles. In a statement, CEO Vikram Chopra claimed the company grew by 50% in the last quarter and has ambitious expansion plans for 2022.
This year, Indian IT startups have been the darlings of venture capital firms, with billions spent in the world’s second-largest market as it attracts more people online and uses digital services.
In April, a half-dozen unicorns were born in four days, and the time between funding rounds was cut in half.
According to a survey published earlier this year by Credit Suisse Group AG, India has over 100 unicorns in areas ranging from e-commerce and financial technology to education, logistics, and food delivery, with a total market value of $ 240 billion.
Due to a fundraising push, India has become a fresh hope for high-tech investors.