SHARE MARKET

India’s car 24 is almost doubled in value after Reuters raised ড 450 million


Reuters

Written by Rama Venkat

BENGALURU (Reuters) – Indian used car platform Cars24 said on Monday it had raised 450 million from investors, including Softbank Group, which nearly doubled its value to 8 1.84 billion as demand for private transport increased during the epidemic.

Car sales have increased in recent months as restrictions have eased and people have avoided public transportation, but carmakers have been plagued by a shortage of semiconductors that have hampered production. The used car market has also seen a pick-up in recent months.

Cars24 CEO Vikram Chopra told Reuters in an email statement that demand for used cars was at an all-time high.

Prices have risen due to the chip crisis, with carmakers such as Maruti Suzuki India, Tata Motors (NYSE 🙂 and Mahindra and Mahindra have hit production and increased the price of certain vehicles.

This is expected to benefit the Curs 24, as carmakers have warned that manufacturing hits could reduce their ability to meet heated demand in the upcoming festive season.

Chopra said demand for pre-owned cars is expected to grow significantly in the next few months.

Founded in 2015, Cars24 dominates 90% of India’s used car market and operates in more than 130 cities in India.

The new fundraising includes a 3 340 million Series F equity round of investments from Softbank’s Vision Fund 2, Tencent Holdings (OTC: Ltd.) and DST Global, with debt 110 million in debt from financial institutions.

“Through this investment, we will continue to enter the existing car, bike and financing business in India as we enter new foreign geographical areas this year,” Chopra said in a separate statement.

Disclaimer: Fusion Media I would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and forex prices are provided by market makers rather than exchanges, and so prices may not be accurate and may differ from actual market prices, meaning prices are not indicative and suitable for trading purposes. Therefore, Fusion Media is not responsible for any of your trading losses as a result of using this data.

Fusion Media Or anyone involved with Fusion Media will not assume any liability for loss or damage as a result of relying on the information contained in this website, including data, quotes, charts and buy / sell signals. Please be fully aware of the risks and costs associated with trading in the financial markets, this is one of the potential risky investment forms.





Source link

Related Articles

Leave a Reply

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

Back to top button