Gurugram-based e-commerce and automotive startup, CARS24, reaches unicorn status with its valuation hitting $1 billion. 

The startup’s platform and services are focused on the automotive industry, with an emphasis on second-hand. The startup buys used cars from customers via its digital platform through a series of steps, making it easier for users to sell vehicles. 

Customers can also buy used cars and two-wheelers directly from the platform. The company’s expansion into the two-wheeler sector took place earlier this year. 

CARS24 was founded in 2015 by Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal and Vikram Chopra. The startup has raised total funding worth $393.8 million since its founding five years ago. 

Since the startup’s expansion into the two-wheeler space, CARS24 has already seen approximately 3000 transactions, Financial Express reported. The company has a presence in 100 cities, so far. 

The company’s newest fundraise, which got them to unicorn status, is worth $200 million. The investment round is led by Hong Kong-based private equity and venture capital firm, DST Global. 

The new Series E investment round will be put toward plans for company and service growth, technology and product development, among other areas. Other participants in the investment round include Exor Seeds, Moore Strategic Ventures and Unbound. 

(Picture courtesy:  Motoroids)