Cars24 secures USD 400 million, Bizongo raises USD 110 million

The company said it has closed a $400 million round of funding including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.

This round is Cars24’s third in just over a year and values the used cars e-commerce player at $3.3 billion about double the valuation from its previous round in September 2021, it noted.

The Series G equity round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital) along with participation from other existing investors, Cars24 stated.

Cars24 raised a cumulative debt-funding of $100 million across India, Australia, and the UAE.

“Today’s news is just another step in CARS24’s journey; we’re in it for the long haul, and we look forward to continuing our work of creating a frictionless consumer experience for used car customers,” CARS24 Co-founder-CEO Vikram Chopra noted.

CARS24 has aggressive plans for 2022 and beyond, and the company cannot wait to put this investment to work, he added.

In another development, B2B e-commerce and supply chain enablement platform Bizongo has raised $110 million (about Rs 836 crore) in funding, led by New York-based Tiger Global Management. With the latest round, Bizongo’s valuation has soared to $600 million.

The Series D round also had new investments coming from CDC and IFC EAF, while existing investors BCap, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG also participated, a statement said.

Manish Choksi, a member of Bizongo’s Advisory Board and the VC at Asian Paints, also invested in his personal capacity in the round, it added.

Bizongo will deploy the fresh funds in ramping up its business and tech teams to develop a suite of digital services for both sides of the marketplace, the statement said.