Used-auto seller Cars24 becomes India's newest unicorn

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

20201127N India Cars24

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

AKIRA HAYAKAWA, Nikkei staff writer

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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