HomeBusinessCoronavirus: Second-hand car website becomes latest 'unicorn'

    Coronavirus: Second-hand car website becomes latest ‘unicorn’

    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 privately-owned start-up firm that is now valued at more than $1bn.

    Other start-ups that have gone on to become unicorns, and household names, include 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.

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