CBD-Cars 24 signing-ceremony picture-1638371996803
The agreement was signed between Dr. Bernd van Linder, CEO of CBD, and Vikram Chopra, co-founder and CEO, Cars24. Image Credit: Supplied

Dubai: Cars24, the platform for pre-owned vehicles, raised Dh75 million in local debt funding from Commercial Bank of Dubai (CBD). This facility provides Cars24 with significant funding flexibility and room to grow its inventory.

The agreement was signed between Dr. Bernd van Linder, CEO of CBD, and Vikram Chopra, co-founder and CEO, Cars24. The company, valued at $1.8 billion plus, is one of the most valuable privately held pre-owned car startups globally. This debt funding follows the company’s global $450 million funding round in September this year.

“UAE is a very important and strategic market for us - Raising these funds from CBD at this juncture will further consolidate our leadership position,” said Vikram Chopra, co-founder and CEO, Cars24.

Cars24 commenced operations in the UAE in May last, and since then has sold over 2,000 cars, with all transactions conducted entirely online. In September, the company announced that it would be investing Dh367 million in the UAE and other GCC countries to further expand its presence.