MS Dhoni backed Cars24 closes its series D round with $100 million

• Cars24 has raised $100 million from existing and new investors.
• Its latest investor includes Sunil Mittal’s son Shravin Bharti Mittal, who leads the investment firm Unbound.
• Its previous investors KCK, Agnelli (Fiat) Family and Sequoia India too were a part of the round.

Cars24, the used cars marketplace, raised $100 million in a series D round of funding.

The startup raised the funding from Unbound, a London-based investment firm and Moore Strategic Ventures, a New York-based investment firm. Its previous investors KCK, Agnelli (Fiat) Family and Sequoia India too were a part of the round.

In August, Indian cricketer MS Dhoni too had participated in the same round for an undisclosed amount. He is also the brand ambassador for the startup.

Interestingly, Unbound is led by Sunil Mittal’s son Shravin Bharti Mittal.

Cars24 sells over 13,000 cars every month through its platform. In 4 years, it sold 1.6 lakh cars. It is present in 35 cities and 150 branches. It aims to double its reach to 75 Indian cities by the end of the year. With the new funds, the company plans to set a strong foothold for its recently announced non-banking financial company (NBFC) business.

“Our motive is to expand across India and give our customers a hassle-free selling experience. Any car owner can sell their car at a great price in less than an hour by driving down to the nearest CARS24 branch. 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, co-founder and CEO, sharing the information on latest capital infusion.

Even as the auto industry has been in the midst of a slowdown, Cars24 has been growing at 5% every month.

In an earlier interview with Business Insider, Chopra said that the company also hopes to breakeven by December 2019.

“We only have 2% market share right now of the $30 billion used car market. In India, 5 million used cars are sold every year. Our objective is to take this number of 2% to 20% over the next 5 years,” Chopra had said earlier.

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