Benzinga | Dec 20, 2021 05:47AM EST

Alibaba-Backed Indian Used-Car Portal Raises $400M In Series-G Funding

Indian used-cars listing portal Cars24 has reportedly secured $400 million in its latest round of funding, with the company valued at $3.3 billion.

What Happened Cars24 raised over $300 million in equity during a Series-G round and $100 million in debt, according to TechCrunch.

The funding round is being led by Alpha Wave Global, and seeing participation from DST Global, SoftBank Vision Fund 2, Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings Limited.

The company says it has over 90% of the used-car market's share in India and it would use the additional funds to continue its growth in the sector.

"The primary use of the funding will be to continue to strengthen our presence in India, and in the countries where we have expanded," Gajendra Jangid, the company's co-founder, said.

The company has also expanded its international presence across markets such as Australia and the UAE, though the company has had to tailor its efforts to meet the requirements in these economies.

"In Australia and the Emirates, it's been about getting a good global supply of cars," Jangid added. "Because it's hard to get new cars right now, that's impacting pricing and demand for used vehicles."