• About
  • Contact
Tuesday, June 28, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

Used Car Startup Cars24 Turns Unicorn, Raises $200 Mn From DST Global

Pritish raj by Pritish raj
November 24, 2020
in News, Startup
Reading Time: 2 mins read
A A
0
Next Big Brand 9

Cars24, the online used car marketplace, has joined the unicorn club with a Series E round worth $200 million led by DST Global. In the latest round, current backers Exor Seeds, Moore Strategic Projects, and Unbound also participated.

Cars24 will join Razorpay, Unacademy, Zerodha, Postman, Nykaa, FirstCry, and Pine Labs, which became India’s unicorn in 2020, among others. Importantly, it has been the first company to evaluate more than $1 billion from the used car space.

This is a 2X leap in the value of Cars24 in one year. Last year in October, the Gurugram-based firm raked in $100 million in the Series D round led by Unbound and KCK Global. To develop new market verticals and improve its product and technology capabilities, the net proceeds will be used.

Cars24 has an asset-heavy model, which purchases the car on behalf of dealers, co-founded by Vikram Chopra and Mehul Agrawal. Cars24 is going to double down on bikes, according to Chopra, a new category that started several months ago.

Already, Cars24 claims to have handled over 3,000 two-wheelers so far. Chopra also claims that the transaction volume of the company has exceeded its pre-Covid volumes by more than 20 percent, and with over 15,000 cars transacted each month, month-on-month sales stand at around $50 million.

For its financing business with two-hour disbursals, the company received an NBFC license last year. Cars24 announced earlier this month that it is offering its employees the ESOP cash-out scheme worth Rs 35 crore.

The post-Covid growth claim is a good sign for the five-year-old company that fired over 300 individuals in 2019. The company had also received a legal notice for alleged defaults in payments from a clutch of landlords and had to shut down different stores in the NCR region.

During the outbreak of Covid-19, companies in the used car section were going through tough times. Although Cars24 did not see any layoffs during the period, the founders of the company announced that they would forgo their salaries and introduced a voluntary pay cut for staff that would be invested as the company’s ESOPs.

Previous Post

Indian Government Bans AliExpress, Snack Video & 41 Other Chinese Apps

Next Post

Elon Musk’s Wealth Rises As Market Value Of Tesla Crosses $500 Billion

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

20220627 152251 0000
News

Proptech Startup PropShare Raises $47 Million Led by WestBridge Capital

June 27, 2022
images 9 17
Cryptocurrency

Christiano Ronaldo and Binance Announce NFT Partnership

June 24, 2022
Khaby Lame Tiktoker
Creators

Khaby Lame Becomes World’s Most Popular TikToker

June 24, 2022
Pine Labs Founder
News

Merchant Platform Pine Labs Acquires Fintech Infra Startup Setu for $70-75 Million

June 23, 2022
Ebay KO
Cryptocurrency

eBay Acquires NFT Marketplace KnownOrigin For An Undisclosed Sum

June 23, 2022
Cashify Founders
News

Cashify Raises $90 Million in Series E Round Led By NewQuest & Prosus

June 23, 2022
Next Post
tesla logo

Elon Musk's Wealth Rises As Market Value Of Tesla Crosses $500 Billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple Brands brand story Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian Crypto Startups Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Netflix NFT NFT Collection NFT India Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india startups in india Swiggy Tiktok TikTok India Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad WazirX YouTube Zomato
check more news on that pages youtube converter, filme online 2022, filme porno mature, porno amatoriale, nxnxx.org, https://xvideosxnxx.org, https://xoxporn.net

Instagram

Follow Me!

Recent News

  • Proptech Startup PropShare Raises $47 Million Led by WestBridge Capital
  • Christiano Ronaldo and Binance Announce NFT Partnership
  • Khaby Lame Becomes World’s Most Popular TikToker

Latest News

20220627 152251 0000

Proptech Startup PropShare Raises $47 Million Led by WestBridge Capital

June 27, 2022
images 9 17

Christiano Ronaldo and Binance Announce NFT Partnership

June 24, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.