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Coronavirus: Second-hand website becomes latest unicorn start-up



A second-hand car website has seen its value rocket to more than $1bn (£750m), putting it into unicorn status.

India's Cars24 has seen a big rise in business during the pandemic as people look to alternatives to public transport such as
pre-owned cars.

India's popular but unreliable rail networks were shut off completely when the country went into lock-down.

A unicorn refers to a start-up that is valued at more than $1bn, and includes big names such as Uber and Airbnb.

Covid-19 infections in India have now surpassed 9 million and further lockdowns are being considered.

While trains and buses in India's big cities have resumed services, many commuters are avoiding public transport over fears they
could catch the virus while commuting.

This has led to a rise in demand for Cars24, which is based in the city of Gurgaon, near New Delhi.

By the middle of this year, sales had risen 20% from pre-lockdown levels and continue to rise.

"People who did not have cars were looking to own a car due to safety issues while many others wanted to upgrade from
two-wheelers," said founder and chief executive Vikram Chopra.

Unicorn club
The firm's potential has caught the eye of investment firm DST Global, which spearheaded a $200m funding deal for Cars24
which it announced on Tuesday.

This latest round of financing values the online platform at more than $1bn. Business analytics firm CB Insights says there are
now 500 unicorn companies around the world.

Mr Chopra started Cars24 after finding he could not sell his Hyundai Accent, eventually giving it away to a friend.

"The market for used cars and bikes in India is a huge $50bn opportunity," he explained.

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