Used car space which is a combination of both the online and offline has been going through a cut-throat competition with the multiple players which is even eying to capture into the market share with the help of different business models.
Cars24, CarDekho, Gaadi, and OLX Car has more or less similar business models. As a result of which, all the companies compete with each other and requires to keep raising capital to make it operational.
Just after ten months of the CarDekho Series C round, Cars24 has secured $552 million in what appears to be in the ongoing Series D.
KCK FZE, which is a Dubai based cargo company has invested around $25 million while some of the existing investors Kingsway FCI invested $10 million in the Series C funding round, according to the report which has been revealed.
Sequoia India, which is an early backer of the Gurgaon based firm, invested around $5 million in the funding round. Euler Capital, which is a Chicago based global asset management and investment services, has invested $4.63 million.
According to the report, Exor Seeds, which is a New York-based venture capital, and Freemark Holdings has invested $3 million each. Scott Bankcraft Kapnick has invested around $11.4 million in the firm.
Cars24 has also filed, a new resolution with the RoC with the Ministry of Corporate Affairs securing around INR 360 crore fresh investments from the holding entity. It essentially means that the $52 million worth first tranche of the Series D round has already been poured into the operational entity in India.
In the August 2019, MS Dhoni had also invested an undisclosed amount of sum into the Cars24.
In the month of May 2019 year, Cars24 had secured $80 million from the clutch of investors.