One of the largest online marketplace in India, for secondhand automobiles Cars24 Services Pvt. Announced a joint deal with DST global worth Rs$350 million, a SoftBank Corp along with other investors.
Falcon Edge Capital is also a part of the deal. Concluding the net value of the startup to be $2 million. As per the sources, the net profits estimates to range from $200 million to $250million. The deal is to close in the next few weeks.
Cars24 is planning to initial public offering in the next 18 to 24 months. Reports claim India’s IPO market is surging. While another IPO company is to equivalent its shares in trading by August 20.
The business of second-hand cars is reaching scales in India. Especially during the Pandemic, people have avoided new cost cars which have affected their sales vividly. Because most consumers looking for second-hand cars.
This startup was established in Gurgaon in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid to provide easy access to people who wants to buy pre-owned cars. They provided easy access to purchase cars handily and easily. The cars are first refurbished for reconditioning before being displayed for sale. More so they provide a 6-month warranty with a 7-day return policy. Alongside it also provides pre-owned motorcycles and scooters and offers to finance.
