JAKARTA - Online car marketplace iCar Asia has announced its acquisition of Carmudi Indonesia for US$ 3 million. The deal is expected to be completed by October 15, 2019 and will be paid in two stages.
In an official statement, iCar Asia said the deal is expected to more than double its revenue in Indonesia and increase growth rates which will result in a breakeven by 2020.
“We are delighted to have Carmudi Indonesia join iCar Asia and further strengthen our position in the Indonesian market in both the new and used car segments. This acquisition furthers our vision of being the platform that people turn to in order to solve all their automotive needs,” said iCar Asia CEO Hamish Stone as quoted by DealStreet Asia, Friday (20/9).
Carmudi, which currently has operations in Indonesia and the Philippines, is backed by Rocket Internet and most recently raised US$ 10 million in a funding round in January 2018. The round was led by Tengelman Ventures, HV Holtzbrinck Ventures, and Asia-Pacific Internet Group (APACIG).
Meanwhile, iCar Asia is headquartered in Kuala Lumpur, Malaysia with operations in Malaysia, Indonesia, and Thailand. The startup is publicly listed on the Australian Securities Exchange (ASX), making its debut on the exchange in September 2012. (MS)