Carsome Gets US$200 Million Funding, Becomes Malaysia’s Biggest Unicorn

DAPURPACU – Carsome Group (Carsome) announced the closure of its US$170 million Series D2 funding round, bringing the company’s valuation to US$1.3 billion.

This amount is complete with the latest credit facility of US$30 million, bringing the total funds raised to US$200 million, while strengthening its position as Malaysia’s largest technology unicorn.

The Series D2 round was the largest equity investment in Carsome’s history, the result of one of the largest state-owned investment funds in the region and a range of new international investors.

According to Carsome Co-Founder and Group CEO, Eric Cheng, the latest funding round will allow Carsome to accelerate its organic growth in its retail and auto finance businesses.

Eric Cheng, Carsome Co-founder & Group CEO.

“We are gearing up to reach new heights as we launch an integrated car e-commerce platform in Southeast Asia, which is now amplified by multiple strengths in the ecosystem,” he added.

The latest funding round will strengthen its strategic focus on growth and expansion of its business-to-consumer (B2C) model.

By 2021, Carsome has opened at least seven B2C retail centers aka Carsome Experience Centers in Malaysia, Indonesia and Thailand, with several more in the process of opening this year.

Carsome has also opened its first vehicle repair center in Malaysia, to add to its range of retail services and increase customer confidence in Carsome Certified cars.

The funding injection also strengthened Carsome’s services in terms of car financing for buyers and used car dealers.

Inspector Carsome is checking the condition of a customer’s used car for sale.

In addition, Carsome recently launched a car funding for college graduates in Malaysia who usually have difficulty getting loan approval from conventional banks.

Carsome’s Series D2 funding is also expected to increase the company’s capabilities in terms of strategic investment and mergers and acquisitions.

This year, Carsome has acquired all stakes in PT Universal Collection, a Jakarta-based car and motorcycle auction service.

On the other hand, Carsome has also forged a strategic partnership with iCar Asia to build the largest automotive ecosystem in Southeast Asia, with even more transactions over the next six months.

For information, Carsome transacts more than 100,000 units of cars annually, which generates revenue of US $ 1 billion. [dp/MTH]

Source: by

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