Online used car marketplace Cars24 has closed a $560 million (US$400m) round – its third this year – to fuel the business’ expansion in Australia, the Middle East and Southeast Asia, as well as strengthen its foothold in India.
The funding now sees Cars24 market value land at $4.6 billion, or US$3.3 billion, compared to the US$1 billion seen in September.
“Today’s news is just another step in Cars24’s journey to transform the way Australians buy used cars,” said chief executive Olga Rudenko.
“We have aggressive plans for expansion in 2022 and beyond, and we can’t wait to put this investment to work. As we continue to build the best infrastructure for the future with an end-to-end digital customer experience, we’re confident we can continue to delight our customers by offering them greater convenience and value.”
According to the business, the used car sales market is relatively untapped online, presenting it a “massive” opportunity.
“The accelerated adoption of Cars24 across Australia, the United Arab Emirates, and Thailand has illustrated the significance of a used car e-commerce platform experience, and is a powerful indication of its future impact on the USD$100 billion industry,” the business said.