Only 2 of 100 people own cars in India.

Within a space of just three months, Indian used cars platform and market leader CARS24 has nearly doubled its valuation from $1.84 billion to $3.3 billion with its latest Series G funding round comprising $300 million of equity and $100 million of debt. The equity round was led by Alpha Wave Global. The $100M debt came from diversified financial institutions in the UAE, India, and Australia. (ZAWYA)

CARS24 – solid growth

The pre-owned cars platform has rapidly expanded out of India and into the UAE, Australia and Thailand.

It uses AI to value used vehicles and to match demand and supply in a host of Indian cities. It also refurbishes vehicles, has a chain of warehouses and a fleet of transport trucks.

It has pioneered the concept of Mega Refurbishment Labs (MRLs), which are establishments that will recondition used cars purchased by the company and resell them onwards with a guarantee of quality.

With the capacity to refurbish around 20,000 cars per month, five MRLs have already gone live in Delhi NCR, Ahmedabad, Mumbai, Hyderabad, and Chennai, Forbes reported.

Over the past quarter, it has grown by 50%, according to Bloomberg. Global operations already account for 20% of its revenue.

The company estimates that the used car market in India could swell to as much as $100 billion or more in the coming decade.

In September 21, CARS24 raised $450 million comprising a $340M Series F equity round and $110M of debt. The capital funding valued the startup, founded in 2015, at $1.84 billion, nearly twice from the end of 2020. The September round was led by SoftBank.

Related Story: Indian Used Cars Platform Cars24 Nabs $450M