The latest unicorn startup is a used car website in India

India’s pre-owned vehicle market is fragmented and dominated by mom-and-pop operations. Online retailers like Cars24, Droom and OLX, along with the automakers themselves, offer a more consistent buying experience, simplified paperwork and access to lenders. — AFP

India’s mass transit systems, unreliable even before the coronavirus pandemic, were shut off completely when the country locked down. As a result, Indians rushed to find alternative transportation, and that often meant used cars.

A major beneficiary was Cars24 Services Pvt, an online marketplace for used cars based in Gurgaon, India. The company’s valuation jumped to more than US$1bil (RM4.08bil) after a new round of funding, Cars24 plans to announce Tuesday. DST Global, the investment firm led by Russia-born billionaire Yuri Milner, invested US$200mil (RM817.50mil) in the deal.