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The Latest Unicorn Startup Is a Used Car Website in India

The pandemic temporarily shuttered the country’s mass transit systems, stoking demand for affordable vehicles.

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Photographer: Anindito Mukherjee/Bloomberg
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India’s mass transit systems, unreliable even before the coronavirus pandemic, were shut off completely when the country locked down. As a result, Indians rushed to find alternative transportation, and that often meant used cars.

A major beneficiary was Cars24 Services Pvt., an online marketplace for used cars based in Gurgaon, India. The company’s valuation jumped to more than $1 billion after a new round of funding, Cars24 plans to announce Tuesday. DST Global, an investment firm overseen by Russia-born billionaire Yuri Milner, led the $200 million deal.