Indian business & economic reforms
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SoftBank’s Vision Fund and Tencent are some of the world’s leading $ 450m retailers in India that sell cars online Cars24 while the lack of global equipment encourages manufacturers to build new cars in the world’s largest market.
DST Global’s Yuri Milner and Falcon Edge in the US are also selling cash worth six-year-old companies at around $ 2bn, doubling their value in less than a year.
India’s new car market, the fifth-largest in the world, has been hit by manufacturing problems at the moment. Advertisers say this creates an opportunity mobile cars, especially the online youth market. Cars24 is India’s largest used car manufacturer.
Maruti Suzuki, India’s largest car manufacturer, says a 20% drop in traffic in August has cut prices due to a shortage of shares, while some companies say a new delay for new cars.
“All over the world we see the same thing happening with old cars,” Vikram Chopra, co-founder and co-founder of Cars24, told the Financial Times. “We have seen a dramatic increase in the demand for consumers to buy and sell cars online. Hopefully this is how it will be in the future. It looks great. ”
People including DoorDash chief Tony Xu and US hedge fund billionaire Dan Och are selling circles. Ritesh Agarwal and Yashish Dahiya, chief executives of Indian companies backed by SoftBank Oyo and Policybazaar, are also participating.
SoftBank has made money for a number of online retailers around the world, including Chehaoduo of China, Kavak of Mexico and Carro in Southeast Asia.
It is the latest in a string of last-year fundraising campaigns in India, with large-scale capitalists and foreign investors investing in young companies doing business online. The Indian origin is elevated about $ 7.2bn in the quarter ended June, according to data providers Tracxn.
This is a trend that has been fueled by the influx of technology companies in neighboring China, and the uncertainty that makes foreign investors seek more opportunities in India. It is expected that rising revenue and internet access among 1.4bn people will make it one of the most lucrative markets for years to come.
“There is a lot more interest than I have seen in the last four or five years,” says Chopra, adding that the retailer wants to take part in more than three-dimensional events. “These men strongly believe in cars [will] sell online. ”
Tencent is participating through a European agency. Severe foreign sanctions imposed from China were imposed after a political dispute with India last year killed many Chinese economic activities. But Tencent has started working harder in recent months, including through credit.