Carsome, which payments itself as Southeast Asia’s largest e-commerce platform for used vehicles, introduced it has closed a $30 million Sequence D. The funding was led by Asia Companions, with participation from returning traders Burda Principal Investments and Ondine Capital.
The startup claims that this is without doubt one of the largest “all-equity financings to-date in Southeast Asia’s on-line automotive business.” A part of the Sequence D could also be used for mergers and acquisitions to consolidate the corporate’s provide chain.
Based 5 years in the past in Malaysia, Carsome’s platform serves each C2C and B2C segments, and ensures high quality by conducting inspections earlier than autos are listed on its platform. It now has 1,000 staff and claims to transact 70,000 vehicles on an annualized foundation, totaling $600 million.
In a press assertion, co-founder and group chief govt officer Eric Cheng stated that the corporate, which now additionally operates in Indonesia, Thailand and Singapore, doubled its month-to-month income over the previous six months, in comparison with pre-pandemic ranges. The corporate claims that that is partly as a result of extra folks and companies are shopping for their very own vehicles for security causes.
Whereas gross sales of latest autos have plummeted world wide, used automotive gross sales, particularly by way of e-commerce platforms, are recovering extra rapidly, according to Counterpoint Research. This largely as a result of folks wish to keep away from public transportation and ride-hailing, but in addition need cheaper choices.
Different used automotive platforms in Southeast Asia embody Carro, OLX Autos (previously referred to as BeliMobilGue) and Carmudi.