Ipo-bound Cars24 set to raise $350 mn

India’s biggest online marketplace for used automobiles, Cars24 Services, is closing in on a deal to raise about $350 million from DST Global, Softbank Group Corp. and other investors, according to a person familiar with the matter.

The fundraising would include Falcon Edge Capital and value the start-up at close to $2 billion, said the person, asking not to be named because the details aren’t public. The funding now envisioned is larger than the $200 million to $250 million range Bloomberg News reported earlier. The round is expected to close in the next couple of weeks, the person said, though the details could still change.

Cars24 is starting conversations about an initial public offering and aims to go public in 18 to 24 months, the person said. India’s IPO market has surged and is on track for a record year. Cartrade Tech, another online marketplace for cars, is expected to have its shares start trading August 20. Cars24 and Softbank spokespeople declined to comment.

The start-up, based in Gurugram on the outskirts of New Delhi, was founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Gajendra Jangid to make the used-vehicle trade smoother.

IT IS STARTING CONVERSATIONS ABOUT AN IPO AND AIMS TO GO PUBLIC IN 18 TO 24 MONTHS