Cars24 bags Rs 250 Cr from Singapore parent company

Gurugram-based auto marketplace Cars24 has bagged Rs 250 crore funding from its Singapore-based parent company Global Car Group Ltd.

The board of Cars24 has approved the allotment of 2.18 lakh equity shares to Global Car Group Ltd for Rs 250 crore, according to a filing with the Ministry of Corporate Affairs. 

The startup, which operates an app-based platform for buying pre-owned cars, did not disclose how it plans to use the funds.

According to data intelligence platform Tracxn, the startup reported a revenue of $74.2 million in the 2022-23 financial year, up from $1.9 million in the previous year. It reported a net loss of $168.4 million in FY 2022-23 compared to $248.1 million in 2022-21. 

The used car reseller last raised $329 million in a Series G round in December 2021 and was valued at $3.21 billion as of January 2022. 

Cars24, founded by Vikram Chopra, Gajendra Jangid, Mehul Agrawal, and Ruchit Agrawal, became a unicorn in 2020 after a $200-million funding round led by DST Global. 

The startup is one of the 12 Indian unicorns to sign letters of intent to join the Open Network for Digital Commerce (ONDC) in May. 

It is also venturing into new segments to boost its offerings. In March, Cars24 began rolling out options for its customers to hire drivers for trips, according to a report by Inc42.