A Series G funding of $300 million and $100 million debt from various financial institutions are part of a new capital raise of $400 million, according to pre-owned cars commerce platform CARS 24. This round is CARS 24 s third in a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in September 2021, the company said.
The Series G equity round was led by the return investor Alpha Wave Global formerly known as Falcon Edge Capital with participation from other existing investors. CARS 24 raised a cumulative debt-funding of $100 M across India, Australia, and the UAE.
The investment will be used to fuel the brand's global expansion in the Middle East, Australia and Southeast Asia, and to strengthen its foothold in the Indian market. CARS 24 will continue to improve its technology and build a gold standard for quality used cars in the world. In this pursuit, CARS 24 recently announced the launch of seven Mega Refurbishment Labs MRLs in India -- an industry first, and one MRL in the UAE, which is among the largest commercial leasing deals in Dubai, according to a company handout.
The pre-owned vehicle market, as per CARS 24, is estimated to touch $100 billion globally with adoption across Australia, UAE, Thailand. The industry has been hit with virus transmission fears that will affect shared mobility services because of the COVID 19 induced push.
Today s news is just another step in CARS 24's journey. We're in it for the long haul and we look forward to continuing our work to create a frictionless consumer experience for used car customers. CARS 24 has aggressive plans for 2022 and beyond, and we can't wait to put this investment to work. We are seeing greater acceptance from customers across the world for our platform when purchasing their next car. Vikram Chopra, Co-founder of CARS 24 said that as we build the best infrastructure for the future with an end-to- end digital customer experience, we are confident that this will delight our customers with our high-touch industry experience.
CARS 24 was founded in 2015 and claims to change the way consumers buy, sell and finance used cars by leveraging technology at every step of the consumer journey to solve real pain points and provide a seamless buying experience.
CARS 24's robust competitive moats across in-house reconditioning, access to the widest assortment supply and deep data science drive a delightful customer experience, and is reflected in its best-in-class NPS. We believe that this investment will help CARS 24 fortify its moats even further and scale 10 x from here over the next few years. We are impressed by the team's vision and execution and we are delighted to deepen our partnership with CARS 24, said Navroz D. Udwadia, Co-founder and Partner of Alpha Wave.