Coronavirus: 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.