Carsome secures Rp 424 billion in series D funding
JAKARTA - Carsome, the largest integrated car e-commerce platform in Southeast Asia, received Series D funding of US$ 30 million from Asia Partners as well as Burda Principal Investments and Ondine Capital. This Rp 424 billion in funding is one of the largest all-equity financing in the history of the online automotive industry in Southeast Asia.
Eric Cheng, Co-founder & Group CEO of Carsome, said that the funding this time is the largest funding in Carsome's history which will be strong capital to realize the digital integration of consumers who sell used cars, dealers, and used car buyers later. "We will use this funding to strengthen our existing business model, namely C2B, and accelerate the realization of our new business model, namely B2C. We look forward to launching Southeast Asia's first C2B and B2C for a far superior used car and retail experience,” said Eric.
Eric added that in the last six months business revenue has doubled from before the Covid-19 pandemic. There has been a drastic increase stemming from consumer behavior in Indonesia, Malaysia, Thailand and Singapore.
Since its inception, Carsome has broken the record for the highest quarterly revenue in history in Q3 2020. In November 2020, Carsome celebrated 100,000 used car sellers as a major milestone within five years since its establishment. Carsome currently transacts more than 70,000 cars per year with a total transaction value of more than 600 million US Dollars, and is strengthened by around 1,000 teams in all its branches. (LM)