Tech

India’s Cars24 closes $450M at a $1.84B valuation. 1 other thing and a trivia

Published

3 years ago

September 20, 2021

Ridwan Adelaja

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. India’s Cars24 closes $450M at a $1.84B valuation

Leading Indian used-vehicle sales platform, Cars24, has announced securing $450 million Series F round.

The funding comes as $340 million cash and $110 million in debt.

Jumping the ventures valuation, the investment values Cars24 at $1.84 billion post-money, making the vehicle reseller company one of the more valuable privately-held used car startups globally.

According to local sources, DST Global, Falcon Edge and SoftBank Vision Fund 2 co-led the Series F.

The round saw the participation of Tencent and other existing investors such as Moore Strategic Ventures and Exor Seeds.

Speaking on the development, Vikram Chopra, the CEO who co-founded the company in Gurugram with Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, said that the plan will be to use the funds across a range of areas to include national and international expansion.

While the company is already operating in India, Australia and UAE, the CEO hinted that it has its eyes on more markets outside its existing regions.

Tech Trivia: What does LG stand for in LG Electronics?
A. Life is Great
B. Life is Good
C. Lucky and Goldstar
D. Luxuries and Goldmine
Answer: See end of post

2. FloBiz closes $31 million to scale its neobank for SMEs

Indian startup, FloBiz, has closed $31 million in a new financing round as it seeks to expand its product offerings.

FloBiz, which is building a neobank for small- and medium-sized businesses in the South Asian market, said the round was co-led by Sequoia Capital India and Think Investments.

The raiser saw the participation of existing investors Elevation Capital and Beenext, and the new round brings FloBiz‘s all-time raise to over $41 million.

According to sources familiar with the startup, its marquee offering, which is called myBillBook, helps small and medium sized businesses digitize their invoicing, streamline business accounting, and automate workflows of their enterprises.

Speaking on the prospect of the product, the startup noted that the product is expected to adapt AI and image processing technology to serve a wider range.

The startup, in a statement, said: “The product will also see deeper use of technologies like AI & image processing to make the onboarding process for the less tech-savvy SMB owners in tier 2 and tier 3 cities of India a delightful first step to digital accounting.”

Tech Trivia Answer: Lucky and Goldstar

The roots of the LG Brand is “Lucky” and “Goldstar” The LG brand in operation today stemmed from Lucky Chemical Co., Ltd. established in 1947.

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