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Used-auto seller Cars24 becomes India's newest unicorn

AI-based pricing popular as virus-wary commuters steer clear of mass transit

More Indians are buying cars as incomes rise and people avoid public transportation amid the pandemic. (Photo by Akira Hayakawa)

TOKYO -- Cars24 Services, an online marketplace for used vehicles, has entered the ranks of Indian unicorns after raising $200 million in a round led by Hong Kong-based private equity firm DST Global.

With this money, the company will "invest aggressively" in technology and service innovation, for example, according to the startup now valued above $1 billion.

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