Cars24, an Indian used car online marketplace, is seeking to secure up to $80 million in a new equity funding round.
Cars24 expects existing backers, venture capital firm Sequoia Capital, Cayman Islands-based Kingsway FCI Fund and Toronto-based KCK Global, to invest $45 to $50 million in the round.
Additionally, the company is also expecting new investors to invest the balance of between $25 to 30 million in the funding round.
In March, Cars24, which is planning a pan-India expansion, secured an $11 million investment from its Singapore parent, Global Car Group.