Akshata Sharma
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Gurugram-based auto marketplace CARS24 has bagged Rs 250 crore funding from its Singapore-based parent company Global Car Group Ltd.
The board of Cars24 has approved the allotment of 2.18 lakh equity shares to Global Car Group Ltd for Rs 250 crore.
Cars24, founded by Vikram Chopra, Gajendra Jangid, Mehul Agrawal, and Ruchit Agarwal, became a unicorn in 2020 after a $200-million funding round led by DST Global.
The board of Cars24 has approved the allotment of 2.18 lakh equity shares to Global Car Group Ltd for Rs 250 crore, according to a filing with the Ministry of Corporate Affairs. The startup, which operates an app-based platform for buying pre-owned cars, did not disclose how it plans to use the funds. According to data intelligence platform Tracxn, the startup reported a revenue of $74.2 million in the 2022-23 financial year, up from $1.9 million in the previous year. It reported a net loss of $168.4 million in FY 2022-23 compared to $248.1 million in 2022-21.
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