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India’s Cars24 to Raise $350 Million From SoftBank, Others

The Cars24 website.

The Cars24 website.

Source:  Cars24


India’s biggest online marketplace for used automobiles, Cars24 Services Pvt., is closing in on a deal to raise about $350 million from DST Global, SoftBank Group Corp. and other investors, according to a person familiar with the matter.

The fundraising would also include Falcon Edge Capital and value the startup at close to $2 billion, said the person, asking not to be named because the details aren’t public. The funding now envisioned is larger than the $200 million to $250 million range Bloomberg News reported earlier. The round is expected to close in the next couple of weeks, the person said, though the details could still change.