CARS24 Valuation Steps up to 110.5 billion baht on the back of Strong Core and Geographic Expansion
-10.05 billion baht Series-G equity round led by Alpha Wave Global
-3.35 billion baht debt funding raised from investors in India, Australia, and the UAE
Bangkok; 20 December, 2021: CARS24, Asia’s fastest growing and leading e-commerce platform for pre-owned vehicles, with more than 500,000 transactions since its launch in 2015, today announced the closing of a 13.4 billion baht round of funding including a 10.05 billion baht Series G equity round alongside 3.35 billion baht debt from diversified financial institutions. This round of funding is CARS24’s third in just over a year and values the used cars e-commerce player at 110.5 billion baht, approximately double the valuation from the preceding round in September 2021.
The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) as well as other investors. CARS24 also raised a cumulative debt-funding of 3.35 billion baht.
The investment will be utilized to fuel the brand’s global expansion in Southeast Asia, Middle East and Australia, and to further strengthen its foothold in the Indian market. In addition, CARS24 will continue to enhance its superior technology and build a gold standard for quality used cars globally.
Speaking on the development, Abhijeet Dabas, CEO of CARS24 Southeast Asia said, “Today’s news is just another step in CARS24’s journey; we’re in it for the long haul, and we look forward to continuing our work of creating a frictionless consumer experience for used car customers in Southeast Asia, especially Thailand and Indonesia. CARS24 has aggressive plans for our grand launch for the Thailand market in January 2022 and beyond, and we are investing ahead of the curve to establish our branding presence, and build infrastructure and advanced technology. Today, we are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car. As we continue to build the best infrastructure for the future with an end-to-end digital customer experience, we are confident that this will delight our South East Asian customers with our high-touch industry experience.”
Navroz D. Udwadia, Co-founder and Partner of Alpha Wave | Falcon Edge Capital said, “We are excited to back CARS24 yet again as they continue to cement their leadership positions across India, UAE, Australia and other international markets. CARS24's robust competitive moats across in-house reconditioning, access to the widest assortment and deep data science drive a delightful customer experience, which is reflected in its best-in-class NPS. We believe this investment will help CARS24 fortify its moats even further and scale 10x from here over the next few years. We remain impressed by the team's vision and execution, and are delighted to deepen our partnership with CARS24."
Cars24’s Thailand website, with a huge vehicle assortment, is now live for Thai customers and the mega marketing campaign is all set to launch in the first quarter of 2022. Check out https://bit.ly/3pWLOtx to experience the new way of buying pre-owned cars with confidence and ease.