Indian CARS24 raises $20mln from the Commercial Bank of Dubai
The debt funding fuels the company’s operational expansion in the UAE
A view of a Commercial Bank of Dubai branch along Sheikh Zayed Road in Dubai.
By Staff Writer, Arab News
RIYADH: India-based automotive e-commerce platform CARS24 raised 75 million dirham ($20 million) in local debt funding from the Commercial Bank of Dubai.
The debt funding fuels the company’s operational expansion in the UAE and provides it with significant funding flexibility, Wamda reported.
The funding came following CARS24 's $450 million funding round last September, and its announcement of further investing $23 million in the UAE and other GCC countries to expand its presence.
“Since last year, there has been a huge increase in the number of online2offline businesses, partially due to the recent global pandemic. We see a clear need to back these businesses and provide them with the funds they require to scale up and expand,”
CBD chief Bernd van Linder said.
Founded in 2015, CARS24 launched its operations in the UAE market in May 2021 with a presence in Australia, Saudi Arabia, Thailand, allowing its customers to buy and sell pre-owned vehicles online.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW