Used-car marketplace portal Cars24 has raised $100 million in a Series D funding from investors like KCK, Agnelli Family, Sequoia India, Unbound and Moore Strategic Ventures.
The company said, "The fresh financing will be used to strengthen the footprint of the company in new cities, franchise model, technology and recently announced consumer lending (NBFC) business."
Cars24, endorsed by former captain of Indian Cricket team Mahendra Singh Dhoni, has 10,000 channel partners and intends to double this number in the next two years. The company said, "Today, Cars 24 is doing a transaction of 1.5 lakh cars per year and targeting one million annual transactions by the end of 2021."
Earlier this year, Cars24 launched a franchise business model and diversified into the consumer lending business earlier this year.
Unbound’s founder, Shravin Bharti Mittal said, "We believe Cars24 is disrupting the pre-owned car industry in India and addressing the challenges faced by car owners by providing them with a world class customer experience which is quick, easy and hassle-free."