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A(nand) P(rasad) Partners acts on $100m Cars24 fundraise with ex-Themis Algo, JMP, Themis, Indus, Linklaters, etc

Online used car marketplace Cars24 has closed a $100 million (about Rs 714 crore) equity financing round from a clutch of new and existing investors, including Unbound, the London-based investment firm founded by Bharti Airtel scion Shravin Mittal. A second new investor, New York-based investment firm Moore Strategic Ventures, has also joined the Singapore and Gurugram-based company’s cap table.

The Economic Times

The round involved fresh funding from existing investors KCK Group, Sequoia Capital, DST Global, Exor Seeds and Kingsway Capital. The Series D round saw new investors Unbound and Moore Capital joining the funding round as well.

AP & Partners advised Cars24 and its promoters. AP & Partners was led by a team of partner Moksha Bhat, associate Gaganjyot Singh and associate Suchita Vyas. The firm had been founded recently by ex-senior partner Trilegal Anand Prasad;; and three others, to focus primarily on complex work.

Cars24 was led by its general counsel, and was also advised by Singaporean law firm Shook Lin & Bok.

Linklaters acted for new investor Moore Capital.

Algo Legal acted for new investor Unbound, led by partner Siddharth Manchanda, senior associate Priya Makhijani and associate Rohit Jain.

For existing investors:

Themis Associates represented Sequoia, led by a team including principal associate Vijay Santosh.

Update 11 December 2020: IndusLaw also advised Sequoia (SCI Investments V) and Unbound Partners led by a team of partner Siddharth Manchanda and associate Rohit Jain.

Jerome Merchant & Partners advised Venture Highway led by a team including partner Sameer Sibal, associate Rishabh Gupta and associate Nirav Bakshi.

Gunderson Dettmer for Exor Seeds.

Withersworldwide for Kingsway FCI Fund.


Deal value: USD 100 million

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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