Home / Companies / Start-ups /  Cars24 gets $44 million from Singapore parent, reports four-fold rise in losses

BENGALURU : Gurugram-headquartered used car company Cars24 has received a $44 million infusion from its Singapore parent, Global Car Group Pte Ltd, according to documents sourced by business information platform

Last month, Cars24 said that it had raised fresh capital of $100 million in a Series D funding round. Along with its existing investors such as KCK, Agnelli (Fiat) Family and Sequoia India, the pre-owned car company also raised a part from Unbound, a global investment firm headquartered in London, and Moore Strategic Ventures, LLC, a New York-based investment firm.

Cars24 did not respond to queries.

According to the registrar of company (RoC) filings, Cars24 reported a four-fold increase in losses to Rs325.6 crore for the year ending 31 March, 2019 from Rs79.0 crore in the year-ago period.

The company posted a two-fold increase in revenues to Rs1,687.7 crore in FY2019, from Rs670 crore a year ago.

Total expenses have increased significantly from Rs748.8 crore last year to Rs2,013.3 crore in FY2019. The company spent Rs1,622.4 crore on purchases of stock-in-trade in FY2019, compared to Rs622.9 crore last year.

Gajendra Jangid, co-founder and chief marketing officer of Cars24, in a recent interview to Mint, said that the company sells 13,500 cars a month, on an average, across India. They are present in 50 cities now and plans to be in 25 more by the end of 2019.

The company also announced a strategic partnership with the former Indian cricket captain Mahendra Singh Dhoni, as its brand ambassador and one of the investors in the company.

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