Who hit the accelerator? Three months after its $450M funding round, Cars24 has just raised another $400M to expand to SEA, Australia and UAE. The India-based used car marketplace has hit a $3.3B valuation.

• Its latest round was a Series G of $300M in equity led by Alpha Wave Global and $100M in debt.
• It has 90% of India's used car market and $1B in ARR.

🌊  SEA's the market

After launching in Thailand, UAE and Australia, it's taking on the rest of SEA. But is there enough (parking) space?

• SEA already has its own used car unicorns, Malaysia's Carsome and Singapore's Carro.

A booming biz. In the pandemic, the demand for used cars has skyrocketed. Carro and Carsome have raised millions in funds, preparing for IPOs and acquiring companies over the past two years.

• The global chip shortage makes it hard to create a large enough supply of cars.

🚗  Time to race!

Cars24 may be challenging Carro and Carsome on their home turf, but here's a bit of what Cars24 has up its sleeve.

Cars and two-wheelers. Buy and sell used cars and two-wheelers on Cars24. (They've got a website and mobile app too!)

Mega refurbishing labs. It has built centers to assess and fix cars before selling them on Cars24. Oh, and they're planning to make these after-care service centers for customers after buying a car.

Local playbooks. It knows how to adapt its model to each market's problems.

• In Australia and UAE, the problem is a lack of global supply of cars— increasing the demand and price for used vehicles.

Financing. It offers AI and ML-based loans for its customers to afford to buy a vehicle. 50% of Cars24 customers use its financing product to buy vehicles.

​Extra Scoop: Chip shortage hits SEA used car market too