An online marketplace for used cars- Cars24 Services Pvt’s valuation jumped to more than USD 1 billion after a new round of funding states a Bloomberg report.
The investment doubled the total funds raised by Cars24 since the business was established five years ago. By mid-2020, Cars24 saw sales rise 20 percent from pre-lockdown levels. The company which takes a cut of each transaction is on track to generate estimated gross annual revenue of USD 600 million.
In India, DST invested in the online shopping company Flipkart, which sold an 80 per cent stake to Walmart Inc two years ago in a transaction that valued the startup at about USD 20 billion. And built up the firm’s awareness of the challenges around online marketplaces in India. This year, DST invested in the country’s prominent education-tech startup, Byju’s.
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