Reportedly Received Series A Funding, Moladin Reaches “Centaur” Milestone with a Valuation of 3,3 Trillion Rupiah
Northstar, Sequoia India, East Ventures and GFC all take part in Moladin's latest funding round
Moladin is reported to have secured series A funding worth $42 million or the equivalent of 601,5 billion Rupiah. According to data submitted to regulators, Sequoia Capital India and Northstar Group are involved in leading this funding. Previous investors include East Ventures and Global Founder Capital. With the fresh funds obtained, it is claimed that the company's valuation has reached $231 million or equivalent to 3,3 trillion Rupiah.
The news about this fundraising has actually been detected since mid 2021 ago. The last round was officially announced by Moladin in January 2020 in pre-series A.
Founded in 2017, Molaldin is led by Jovin Hoon and Mario Tanamas. Initially the platform was established to bridge the need for buying new and used motorcycles. It's just that now they have shifted their focus to buying and selling used cars. In fact, there is no "Motor" menu anymore on their site.
Moladin's entry into this business further adds to the competitive landscape car marketplace which has recently attracted public attention. Previously known two platforms from neighboring countries Car and Carsome has reached the milestone unicorn – both also have a fairly strong business base in Indonesia. Previously there was also BeliMobilGue which is now OLX Autos.
In the first half of 2021, OLX Autos said its used car deals on its platform had surpassed $1 billion globally. OLX Cars itself has started operating since January 2020. According to research conducted by the company, the impact of Covid-19 is also still giving a positive trend to the used car buying and selling industry in Indonesia. Even during the pandemic, the general demand for used car products can still increase by 15-20%.
Likewise, the data submitted Car. Until Q3 2021, they saw an 11x increase in transactions. For its business units in Indonesia, 45,87% of transactions are done online online with users from Greater Jakarta being the main contributor to sales.
So far, used car sales services are still centralized in business offline. The services of Moladin, Carro and others are trying to democratize the process. Not only providing services listing, their infrastructure also includes financing. The business model applied is also comprehensive through C2B2C – buying cars from users, then selling them either to dealers using an auction system or directly to consumers through the website.
Since launching, Moladin has received initial funding support from East Ventures and a number of other investors. Their initial service is the purchase of motorbikes for users who live in the Jabodetabek, Banten, Bandung, Yogyakarta, Solo, and Semarang areas. The $1,2 funding that was obtained at that time was also focused on expanding the area and strengthening aspects of business partnerships with dealers and companies lease in various areas.
At that time, until mid-2018, the motorcycle sales business still found very attractive traction. Moladin claims to experience 20-30% sales growth per month with a total transaction value of more than $1 million.
In 2019, Moladin also said that he had succeeded in doubling the GMV from the previous year. They managed to add 8000 used motorcycle listings in their system, including 8 times growth in app usage. Moladin also introduced new products such as auto mortgage loans to make it easier for users who need options in getting their motorbikes.
Then in early January 2020 East Ventures again led the funding for Moladin in the pre-series A round. Funding is still focused on strengthening its position in the industry by strengthening business and expansion.
Until finally in 20121, Moladin began to switch from motorcycle products to used cars. We were able to send inquiry to inquire about business developments and confirmation of funding, however, Moladin is still not willing to accept interviews from the media in the near future.
It will be interesting to wait for Moladin's next strategy design with his new business model. Moreover, he will directly face players who in fact already have the big one.