Cars24 set to raise $350 million, may launch IPO in 18-24 months: Report

According to information received from sources, India’s largest online market place of secondhand vehicles Cars24 Services Pvt. Soon DST Global is expected to raise $350 million from SoftBank Group Corp and other investors.

Falcon Edge Capital may also contribute to this fundraising. According to sources, the valuation of Cars24 could be around $2 billion for this fund-raising exercise.

According to its earlier report by Bloomberg, this fund raising of the company can be between $ 200 million and $ 250 million. A source with knowledge of the matter said that the process could be completed in the next few weeks. Apart from this, information has also been received that the company can enter the IPO market in 18 to 24 months.

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It is worth noting that on one hand the shares of online auto market place Cartrade Tech Ltd will also be listed in the market from August 20. The company recently came out with its IPO.

Let us tell you that there has been a boom in the sale of secondhand vehicles in recent times. Due to the Corona epidemic, people are avoiding using public transport means and are giving more priority to private vehicles. Sales of new cars have decreased during Corona. People are turning to the second hand market to buy cars at affordable prices, which is benefiting companies like Cars24.

Cars24 Startup is headquartered in Gurugram. It was started in 2015 by Vikram Chopra, Mehul Agarwal, Ruchit Agarwal and Gajendra Jangid.

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