Offshore Wind Zones for Australia
The Australian federal government officially commenced the process to declare Gippsland, Victoria…
Obtaining financing from the IFM Investors was a key part of the company’s strategy to secure its foothold in the Australian used car market, following significant investment in multiple vehicle refurbishment facilities across the country and an energised marketing campaign to announce its Australian launch.
CARS24’s e-commerce and platform-based business model has been a disruptor of the used motor vehicle industry, through leveraging technology to alter the consumer experience of buying a used car. The company’s platform aspires to provide consumers simplicity and convenience through a 100% online used car buying experience, where the purchased vehicle is delivered right to the consumer’s front door, and with the assurance of quality through the company’s rigorous refurbishment vetting processes. The consumer experience resulting from CARS24’s technology-led business model has been embraced by consumers overseas.
Since its inception in 2015 in India, CARS24 has expanded rapidly into countries including the United Arab Emirates and Thailand and has plans to continue to expand internationally. The company’s launch in Australia is its first foray outside of Asia and the Middle East.
The facility which is financed by a number of funds managed by IFM Investors, will enable CARS24 to build up its stock of used motor vehicles to refurbish and sell to consumers in Australia.
Commenting on the transaction, Zina Edwards said: “We are delighted to act for such an innovative company on this pivotal transaction and look forward to continuing to support CARS24 with its growth strategy in Australia.”
The Hamilton Locke team acting for CARS24 was led by finance partner and practice lead, Zina Edwards who was closely supported by senior associate Monty Loughlin and lawyer Mai Dang, while a further team led by finance partner, Brad Allen and lawyer, Wil Alam acted for AMAL Trustees who has been appointed to act as security trustee on behalf of IFM Investors. CARS24 was assisted on the debt raise by Neu Capital and Greenmount Advisory provided tax advice on the transaction.