Cars24 Bags INR 250 Cr From Singapore-Based Parent Entity

Cars24 Bags INR 250 Cr From Singapore-Based Parent Entity

SUMMARY

The startup’s board approved the allotment of 2.18 Lakh equity shares to Singapore-based parent entity Global Car Group Limited

There was no clarity on how the Delhi NCR-based startup intends to use the newly infused funds

The fundraise comes close on the heels of Cars24 piloting a driver-on-hire service and signing a letter of intent to join the state-backed ONDC

Auto marketplace Cars24 has bagged INR 250 Cr ($29.8 Mn) funding from its Singapore-based parent entity Global Car Group Limited.

As per Registrar of Companies (RoC) filings accessed by Inc42, Cars24 Services Pvt Ltd’s board approved the allotment of 2.18 Lakh equity shares (2,18,132) to Global Car Group. 

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