Cars24 Nearly Doubles Valuation To Over $1.8 Billion After Fund Raise

Used-car platform Cars24 said on Monday it has raised $450 million from investors including SoftBank Group Corp’s Vision Fund 2, nearly doubling its valuation to $1.84 billion.
The fund raise included a $340 million Series F equity round featuring investments from Vision Fund 2, Tencent Holdings Ltd and DST Global, Cars24 said, along with $110 million in debt from financial institutions.
SoftBank’s Vision Fund 2 counts Indian food delivery startup Swiggy in its portfolio of internet-based consumer firms while Tencent has invested in Walmart-owned e-commerce firm Flipkart.