CARS24 Revenue, Valuation, Funding & Investors
CARS24 is valued at $3.3B as of December 2021, a 3.3x multiple on its last reported $1B revenue.
Last CARS24 valuation
$3.3B
Series G · Dec 2021
Last CARS24 funding round
$30M
Strategic investment · Jul 2024
CARS24 revenue
$1B
Series G · Dec 2021
Key investors in CARS24
Exor Ventures
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Moore Strategic VenturesDST Global
Peak XV Partners
SoftBank Group
Tencent
About CARS24
CARS24 is a Gurgaon-headquartered tech platform transforming the used car market in India with an AI-driven pricing engine and end-to-end transaction services. Customers receive instant valuations, schedule home inspections, and complete sales within hours, while buyers access inspected inventory with warranties. Operating in over 150 cities, it expanded into the UAE and Australia, processing hundreds of thousands of cars annually through its 180+ hubs.
Founded
2015
HQ
GurgaonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$1B (Dec 2021)
Valuation
$3.3B (Dec 2021)
CARS24 Valuation
CARS24 is currently valued at $3.3B, based on its Series G in December 2021.
The $300M round was led by Alpha Wave Global, with participation from SoftBank Group, Tencent, Raptor Group, Alibaba Group, Moore Strategic Ventures and 2 other investors.
CARS24's valuation has grown 13x from $250M at its Series A in August 2016 to $3.3B in December 2021, across 6 priced rounds.
CARS24 valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2021 | Series G | $3.3B | 3.3x |
| Sep 2021 | Series F | $3.3B | 3.3x |
| Nov 2020 | Series E | $1B | - |
| Oct 2019 | Series D | $750M | 1.0x |
| Jun 2018 | Series C | $250M | - |
| Aug 2016 | Series A | $250M | - |
CARS24 Revenue
CARS24's latest recorded revenue is $1B, as of its Series G in December 2021. At a $3.3B valuation, that implies a 3.3x revenue multiple.
Revenue grew from $740M in October 2019 to $1B in December 2021, while the revenue multiple moved from 1.0x to 3.3x.
CARS24 revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2021 | $1B | $3.3B | 3.3x | Series G |
| Sep 2021 | $1B | $3.3B | 3.3x | Series F |
| Oct 2019 | $740M | $750M | 1.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
CARS24 Funding History
CARS24 has raised a total of $1.1B across 11 funding rounds.
CARS24's first fundraising round was a $8M seed round in November 2015. The most recent completed round was a $30M strategic investment round in July 2024.
CARS24 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2024 | Strategic investment | Global Car Group (lead) | $30M | - | CARS24 is an Indian auto-tech unicorn operating an app-based platform for buying and selling pre-owned cars, with expansions into insurance, lending, repairs, servicing, and compliance services. It competes with CarTrade, CarDekho, Spinny, and Droom, and has international presence in UAE, Australia, and Thailand. The company raised INR 250 crore ($29.8 million) in July 2024 from its Singapore-based parent Global Car Group via allotment of 2.18 lakh equity shares, following a similar INR 345 crore infusion later in 2024. Previously, CARS24 raised over $1 billion across multiple rounds, including $450 million Series F in September 2021 at $1.84 billion post-money valuation led by DST Global, SoftBank, and others, and $400 million Series G in December 2021 pushing valuation to $3.3 billion with Alpha Wave Global leading equity and debt from global institutions. Last public valuation was $3.2-3.21 billion as of early 2022. Total funding exceeds $1.14 billion. For FY 2022-23 (April 2022-March 2023), CARS24 reported revenue of $74.2 million, up significantly from $1.9 million prior year, but posted net loss of $168.4 million. The July 2024 round aligns with profitability focus, trimming non-core verticals, and IPO preparations confirmed by co-founder Gajendra Jangid in September 2024, emphasizing dominance in organized auto segments. |
| Dec 2021 | Series G | Alpha Wave Global (lead); SoftBank Group; Tencent; Raptor Group; Alibaba Group; Moore Strategic Ventures; Exor Ventures; DST Global | $300M | $3.3B | CARS24 is an Indian used-car marketplace platform founded in 2015 in Gurugram, offering an app and website for buying and selling used cars and motorbikes, with expansion into two-wheelers, international markets like UAE, Thailand, and Australia, and financial services through its NBFC arm providing loans at 12-14% interest. The company operates in over 200 cities in India, focusing on the top 100 cities which account for 95% of its car sales volume, and sells around 15,000 used vehicles monthly. International markets contribute 20% of revenues due to higher ticket sizes, with Cars24 claiming over 90% market share in online used cars but 5-6% in the total pre-owned market. In December 2021, CARS24 raised $300 million in its Series G equity round led by Alpha Wave Global, with participation from Alibaba Group, DST Global, Exor Ventures, Moore Strategic Ventures, Raptor Group, SoftBank Vision Fund, and Tencent, alongside a $100 million debt tranche, bringing the total raise to $400 million and marking the second major funding that year after a $450 million Series F in September. This Series G round valued the company at a post-money valuation of $3.3 billion, nearly doubling from $1.84 billion in the prior round. The funds were earmarked to strengthen presence in India and international markets, fuel growth (with 50% QoQ growth claimed), technological advancements, and operational expansion. At the time of the December 2021 round, CARS24 reported an annual revenue run rate (ARR) of $1 billion for FY22, reflecting 65-70% YoY growth from FY21 operating revenue of $371.3 million (INR 2,720 crore). The company aimed to double ARR to $2 billion by December 2022 and reach $2 billion revenue by FY23 through international expansion into Saudi Arabia, bikes segment growth, and scaling its financing services. |
| Sep 2021 | Series F | Alpha Wave Global (lead); SoftBank Group (lead); BloombergSen Investment Partners; Tencent; Moore Strategic Ventures; Exor Ventures | $340M | $3.3B | CARS24 is an India-based online used car marketplace and retailer, founded in 2015, operating in markets including India, UAE, Saudi Arabia, Thailand, and Australia. The company buys, sells, and finances used vehicles, holding over 90% market share in India's online used car segment but 5-6% overall including offline. In September 2021, CARS24 raised approximately $340-450 million in a Series F round led by Alpha Wave Global and SoftBank Vision Fund, with participation from BloombergSen Investment Partners, Exor Ventures, Moore Strategic Ventures, and Tencent. One source notes a $3.3 billion valuation for a $450 million raise around this period, likely post-money for this unicorn round. As of December 2021, shortly after the round, CARS24 reported an annual revenue run rate of $1 billion for FY22, reflecting 65-70% YoY growth from FY21 operating revenue of $371.3 million (INR 2,720 crore). Over 20% of this revenue came from international markets amid expansion plans. The company aimed for $2 billion revenue by FY23 through further international growth into Saudi Arabia, bikes segment, and used car financing services via Cars24 Financial Services. Financial filings later showed gross revenue growth to Rs 6,917 crore in FY24, with scale stabilizing in FY23 and losses declining 57%. Total funding across rounds exceeded $1 billion, supporting operations and debt financing. |
| Nov 2020 | Series E | DST Global (lead); Unbound; Moore Strategic Ventures; Exor Ventures | $200M | $1B | CARS24, an online used car marketplace founded in 2015 by Vikram Chopra and others, raised $200 million in its Series E funding round on November 24, 2020, led by DST Global with participation from existing investors Exor Seeds, Moore Strategic Ventures, and Unbound. The round was secured at a post-money valuation of just over $1 billion, marking CARS24 as India's first auto sector unicorn and a jump from its prior $500 million valuation after a $100 million raise in October 2019. The largely primary capital infusion included a recent employee stock buyback worth Rs 35 crore. Proceeds were earmarked to invest in new business verticals, strengthen product and technology capabilities, and scale operations. At the time, CARS24 reported monthly sales exceeding $50 million, over 15,000 cars transacted monthly, surpassing pre-Covid volumes by more than 20%, and a four-fold traffic increase. The company had also transacted over 3,000 two-wheelers since entering that category in June 2020 and held an NBFC license for financing. CARS24 leverages AI-enabled pricing algorithms and a proprietary auction platform for efficient vehicle appraisals, instant payments, and paperwork handling, positioning it as a leader in India's pre-owned vehicle market. Backed by investors like Sequoia India and KCK Global previously, the platform claimed over 200,000 annual transactions and world-class operational efficiency through data and technology. |
| Nov 2019 | Strategic investment | Global Car Group (lead) | $44M | - | CARS24 is an Indian online used car marketplace that simplifies buying and selling vehicles through a tech-enabled platform. In November 2019, it raised approximately $37.1 million in a corporate round led by Singapore-based Global Car Group, its parent company, to support expansion into new segments and increase revenue. The company has raised over $1.14 billion in total funding across multiple rounds, with key investors including DST Global, Alpha Wave Global, SoftBank, Tencent, Falcon Edge Capital, Exor Seeds, and Moore Strategic Ventures. Subsequent rounds included a $200 million Series E in November 2020 led by DST Global at over $1 billion post-money valuation, a $450 million Series F in September 2021 valuing it at $1.84 billion, and later corporate rounds from Global Car Group such as $29.8 million in July 2024 and INR 345 crore (~$40 million) recently for working capital and core business strengthening ahead of a potential IPO. CARS24 operates in India's $24.2 billion used car market (2019 value, projected 15.1% CAGR to 2025) and has expanded into insurance, lending, new cars, bikes, financing, repair, servicing, and compliance services like FASTag. It is focusing on profitability, trimming non-core verticals, and preparing for an India IPO, with co-founder Gajendra Jangid confirming preparations in September 2024. Current valuation estimates reach $3.2 billion. |
| Oct 2019 | Series D | KCK Global (lead); Unbound (lead); Partners Fund; Euler Capital; Agnelli Family; Mahendra Singh Dhoni; Freemark holdings; Shravin Bharti Mittal; Moore Strategic Ventures; Exor Ventures; DST Global; Peak XV Partners | $100M | $750M | CARS24 is an Indian multinational online used car marketplace headquartered in Gurgaon that enables customers in over 130 Indian cities to buy and sell vehicles using artificial intelligence to assess accurate market prices. The company was founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Gajendra Jangid, and operates an e-commerce platform that also provides consumer lending services through its NBFC-licensed subsidiary, CARS24 Financial Services. In October 2019, CARS24 raised $100 million in Series D funding from a syndicate that included new investors London-based Unbound and Moore Strategic Ventures alongside existing investors KCK Global, the Agnelli family (through Exor Seeds), Sequoia Capital India, Kingsway Capital, and others. The capital was allocated to strengthen the company's presence in new regions, adopt franchise models, enhance technological infrastructure, and expand its consumer lending business, with a goal to reach 75 cities by year-end 2019. The company reported touching 150,000 annual car sales in 2019 and operated 202 branches across 73 cities as of that year, with over 3,000 employees. The Series D round preceded the company's unicorn status achieved in the subsequent Series E round in November 2020, when CARS24 raised $200 million at a valuation exceeding $1 billion. |
| Jun 2018 | Series C | KCK (lead); Kingsway Capital (lead); MPGI (lead); Peak XV Partners (lead); Venture Highway; Apoletto Managers; Rahul Ravindra Raj Mehta; Asia Venture Group; Exor Ventures; 500 Global | $50M | $250M | CARS24 is an Indian online used car marketplace headquartered in Gurgaon, operating as one of the major organized players in the used car segment with 202 branches across 73 cities and ties to over 10,000 channel partners by 2019. In 2018, the company raised US$50 million in a Series C funding round from investors including KCK, Kingsway Capital, MPGI, Peak XV Partners (formerly Sequoia Surge), 500 Global, Apoletto Managers, Asia Venture Group, Exor Ventures, Rahul Ravindra Raj Mehta, and Venture Highway. The company had previously raised US$50 million combined in Series A and Series B rounds. By 2019, CARS24 raised US$100 million in a Series D round from similar investors including Sequoia Capital, Exor Seeds, DST Global partners, Kingsway Capital, KCK, Unbound, and Moore Strategic Ventures, with additional endorsement from cricketer Mahendra Singh Dhoni. It launched Cars24 Financial Services as a subsidiary in 2019, obtaining an NBFC license to provide loans to car dealers and customers, disbursing ₹400 crore in loans during 2019-20. The company also expanded to two-wheelers with Cars24 Moto in 2020. CARS24 achieved unicorn status in 2020 with a US$200 million Series E round at over $1 billion valuation. Recent financials show FY23 revenue of ₹5,535 crore and a net loss of ₹468 crore, with 6,000+ employees. |
| Mar 2018 | Series B | KKR; Venture Highway; Vendebita Trading; GE32 Capital; Apolletto Asia | $8M | - | CARS24 operates as an asset-heavy used car marketplace in India, buying vehicles from individuals after online and physical evaluation, then selling to dealerships and platforms. Revenue streams include used car sales and services like cash handling and parking fees. In FY18 (year ended March 2018), standalone operational revenues reached Rs 660.95 crore, up 58% from Rs 417.64 crore in FY17, while gross expenditure rose 50% to Rs 748.77 crore, resulting in net losses of Rs 78.94 crore. The company competes with players like CarTrade, CarDekho, and Droom in India's used car market, estimated at nearly 4 million cars annually, 1.25 times larger than the new car market. Later rounds included $50 million in Series C in 2018 and $100 million Series D in 2019. |
| Aug 2016 | Series A | - | $27M | $250M | CARS24 is a Gurugram-based online portal that buys used automobiles from individuals and sells them to businesses, operating in the competitive Indian used-car market alongside players like CarTrade and CarDekho. In 2016, it secured $11.1 million (Rs 75 crore) in a Series B round from Zodius Technology Opportunities Fund and existing investors. Reports from 2018 indicate a subsequent $50 million funding round from Sequoia Capital and existing investors including Kingsway FCI Fund and KCK Global, with the company valued at $250 million post-round, though it was unclear if this overlapped with prior raises mentioned in regulatory filings of its Singapore parent. The company claimed to have helped over 50,000 people sell cars and operated 56 branches in 12 cities at that time. The franchise model was later strengthened for expansion into Tier 2, 3, and 4 cities. CARS24 continued aggressive funding and growth, raising $100 million in Series D in 2019, $200 million in Series E in 2020, $450 million (including $340 million Series F equity) at $1.84 billion valuation in 2021 led by DST Global, Falcon Edge, and SoftBank Vision Fund 2 with Tencent participation, and $400 million Series G shortly after at $3.3 billion. Funds supported global expansion into UAE and Australia, technology investments, vehicle financing, and scaling to 200 Indian cities. |
| Feb 2016 | Seed | Finn Age Haensel; Cyriac Roeding | $7M | - | - |
| Nov 2015 | Seed | Oskar Hartmann (lead) | $8M | - | - |
Who has invested in CARS24?
34 investors have backed CARS24 across its funding rounds, including Exor Ventures, Moore Strategic Ventures, DST Global, Peak XV Partners, SoftBank Group and Tencent.
Lead investors include Global Car Group, Alpha Wave Global, SoftBank Group, DST Global, KCK Global and 6 other investors.
CARS24 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Amsterdam | 5 | Participant | Jun 2018 | |
| Moore Strategic Ventures |  New York City, NY | 4 | Participant | Oct 2019 |
 George Town | 3 | Lead | Oct 2019 | |
| Bangalore | 2 | Participant | Mar 2018 | |
 Tokyo | 2 | Lead | Sep 2021 | |
 Shenzhen | 2 | Participant | Sep 2021 | |
 London | 2 | Lead | Oct 2019 | |
| Miami, FL | 2 | Lead | Sep 2021 | |
| Global Car Group |  Dubai | 2 | Lead | Nov 2019 |
| Bangalore | 2 | Lead | Jun 2018 | |
 Montreal | 1 | Lead | Oct 2019 | |
| New York City, NY | 1 | Participant | Mar 2018 | |
| New York City, NY | 1 | Participant | Oct 2019 | |
This data is available for Pro users. Sign up to see all 34 CARS24 investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by CARS24
CARS24 has acquired 3 companies to date.
Last acquisition by CARS24 was on March 10th 2026. CARS24 acquired Vehicleinfo for $5M.
Latest Acquisitions by CARS24
| Description | Vehicleinfo is a digital platform supplying vehicle details, traffic fine payments, resale valuations, and insurance services. | Carinfo is an Ireland-based vehicle data platform aggregating telematics, diagnostics, and usage information for fleet management, insurance, and mobility applications. | Team-BHP is a Mumbai-based online automotive community launched in 2004. The platform hosts over three million posts from thousands of members discussing car reviews, bike modifications, road trips, and industry news. Featured on global forums registries, Team-BHP covers topics from new vehicle launches and dealership experiences to off-roading techniques and engine tuning, attracting 15 million annual visitors primarily from India. |
| HQ Country | | | |
| HQ City | Surat | - | Gurgaon |
| Deal Date | 10 Mar 2026 | 5 Jan 2026 | 23 Apr 2025 |
| Valuation | $5M | $47M | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all CARS24 acquisitions and their M&A valuation multiples. Start Free Trial | |||
Investments by CARS24
CARS24 has invested in 1 company to date.
Latest investment by CARS24 was on August 10th 2026. CARS24 invested in Deployment in their $5M Seed round.
Latest Investments by CARS24
| Description | Deployment is an enterprise software firm. It originated as an internal project at the used-car platform Cars24 and now places technical specialists within client organizations to convert artificial intelligence concepts into operational results while maintaining a partnership with OpenAI. |
| HQ Country | |
| HQ City | Gurgaon |
| Deal Date | 10 Aug 2026 |
| Round | Seed |
| Raised | $5M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all CARS24 investments and their VC round multiples. Start Free Trial | |
CARS24 Competitors
CARS24 competitors include listed companies like People, TX Group, Alma Media and News Corp, and private ones like Souche and Carro.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $2.4B | $122M | $2.8B | 1.6x | |
 Switzerland | Publicly listed | $1.1B | $310M | $2B | 2.1x | |
 Finland | Publicly listed | $377M | $110M | $1.3B | 3.7x | |
| United States | Publicly listed | $9B | $1.5B | $17B | 2.0x | |
| Hangzhou | Private | - | - | $3B | - | |
 Singapore | Private | $936M | $34M | $3.8B | - |
CARS24 Public Comps
CARS24 is still privately-owned, but its public comps include Tongcheng Travel, Kadokawa, Seek, RUM Group, Rasan, Goto Gojek Tokopedia, Inchcape, People.cn, People and Mercari.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.9B | $659M | 0.7x | 0.7x | 3.0x | 2.6x | |||
| $1.8B | $136M | 1.7x | 1.6x | 22.5x | 23.8x | |||
| $914M | ($63M) | 4.2x | 4.5x | (61.7x) | 10.2x | |||
| $101M | ($78M) | 39.2x | 19.4x | (50.8x) | (70.5x) | |||
| $174M | $73M | 16.1x | 11.0x | 38.6x | 25.9x | |||
| $1B | ($16M) | 2.0x | 1.7x | (125.5x) | 13.1x | |||
| $12B | $867M | 0.4x | 0.4x | 5.4x | 5.0x | |||
| $309M | $57M | 8.3x | 8.5x | 44.8x | 42.4x | |||
This data is available for Pro users. Sign up to see all CARS24 competitors and their valuation data. Start Free Trial | ||||||||
Common questions about CARS24
| When was CARS24 founded? | CARS24 was founded in 2015. |
| Where is CARS24 headquartered? | CARS24 is headquartered in Gurgaon, India. |
| Is CARS24 publicly listed? | No, CARS24 is a private, VC-backed company. |
| What is CARS24's valuation? | CARS24 was last valued at $3.3B in its Series G in December 2021. |
| How much funding has CARS24 raised? | CARS24 has raised $1.1B across 11 funding rounds. |
| What was CARS24's last funding round? | CARS24's last funding round was a $30M strategic investment round in July 2024, led by Global Car Group. |
| Who are CARS24's investors? | CARS24's investors include Exor Ventures, Moore Strategic Ventures, DST Global, Venture Highway, SoftBank Group, Tencent, Unbound, Alpha Wave Global, Global Car Group, Peak XV Partners and 24 others. |
| What is CARS24's revenue? | CARS24's latest recorded revenue is $1B (December 2021). |
| What is CARS24's revenue multiple? | CARS24's latest valuation implies a 3.3x revenue multiple ($3.3B valuation on $1B of revenue). |
| Which companies are comparable to CARS24? | Companies comparable to CARS24 include People, TX Group, Alma Media, News Corp, Souche and Carro. |
| How many companies has CARS24 acquired? | CARS24 has acquired 3 companies, including Vehicleinfo, Carinfo and Team-BHP. |
| What was the largest acquisition by CARS24? | The $47M acquisition of Carinfo in January 2026 is the largest acquisition CARS24 has made to date. |
| How many companies has CARS24 invested in? | CARS24 has invested in 1 company, including Deployment. |
| What was CARS24's last investment? | In August 2026, CARS24 invested in Deployment's $5M seed round. |
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