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India’s Used Car Unicorn Nears $250 Million Deal With DST

  • Web marketplace Cars24 seeks to capitalize on used-auto boom
  • Pact with Milner’s firm, others may double startup’s value
A heavy traffic in Allahabad on June 21.
A heavy traffic in Allahabad on June 21.

Photographer: Sanjay Kanojia/AFP/Getty Images


India’s Cars24 Services Pvt. is in talks with Yuri Milner’s DST Global and other investors for a funding round that could double the used-vehicle site’s value to $2 billion, a person familiar with the discussions said.

India’s biggest online marketplace for pre-owned cars is set to raise $200 million to $250 million from existing backers including DST, which may lead the round, said the person, who asked not to be named discussing a private deal. Other investors including Moore Capital Management could join the deal, which could close in a few weeks, the person added. The pact could value Cars24 at $1.6 billion to $2 billion, up from about $1 billion in November, when it closed a Series E round, the person said.