Indian cricketer MS Dhoni has invested in Gurugram-based used car marketplace Cars24, according to a Mint report. As part of its Series D round of funding, Dhoni made an undisclosed extent of investment. It is a part of a strategic partnership where the cricketer will own equity in the company and also act as the brand ambassador.
The tech-based company with an online platform to sell and buy used cars has been expanding its reach across India.
In 2015, founders Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal, tapped the unorganised used car market with Cars24. It has over 150 branches in 35 cities and holds 90 percent market share.
Recently, it announced its forays into the franchise model to widen its reach its Tier 2, 3 and 4 cities. It intends to open more than 300 outlets in the next two years.
Cars24 also received a NBFC (non-banking finance company) license from RBI to start its new venture 'Cars24 Financial Services,' an entity that will provide its customers with auto-loans and also expand its business.
Prior to Cars24, Dhoni has made investment in SportsFit. He co-founded the commercial fitness brand that runs gyms across the country.