CARS24 has secured fresh funding of INR 345 crore (about $40 million) from its Singapore-based parent, Global Car Group Limited, reported INC42. According to regulatory filings, the company’s board cleared the issue of 3.04 lakh equity shares to its parent entity at ₹11,347 apiece on July 21.
People familiar with the matter indicated the infusion will largely go toward working capital and bolstering the platform’s core services. The investment follows Global Car Group’s earlier commitment of INR 250 crore last year and comes as the company quietly prepares for an eventual IPO, though no timeline has been shared.
Founded in 2015 by Gajendra Jangid, Vikram Chopra, Ruchit Agarwal, and Mehul Agrawal, CARS24 runs a digital marketplace for used cars and also offers loans, insurance, and warranties. More recently, it has entered the new car space while simultaneously pruning less profitable divisions such as Inspare, FourDoor, and AutoPilot—moves that led to more than 300 job cuts.
Beyond India, the startup operates in Australia, the UAE, Southeast Asia, and the Middle East. Financially, FY24 saw revenue climb 25% to ₹6,917 crore, though net losses inched up 7% to ₹498 crore due to heavy investment in technology and customer experience.
