India-based automotive e-commerce platform CARS24 raised 75 million dirham ($20 million) in local debt funding from the Commercial Bank of Dubai.
The debt funding fuels the company’s operational expansion in the UAE and provides it with significant funding flexibility, Wamda reported.
The funding came following CARS24 ‘s $450 million funding round last September, and its announcement of further investing $23 million in the UAE and other GCC countries to expand its presence.