Carsome Announces Series C Funding Worth Over 701 Billion Rupiah

The used car trading platform Carsome today (11/12) announced the acquisition of Series C funding of $50 million or equivalent to 701,5 billion Rupiah. This investment round was joined by MUFG Innovation Partners, Daiwa PI Partners, Endeavor Catalyst, Ondine Capital, as well as investors in previous rounds including Gobi Partners and Convergence Ventures.

The additional capital will be focused on strengthening business growth in its current operational countries, namely Indonesia, Malaysia and Thailand. Also immediately launch expansion to new countries in Southeast Asia. Also delivered Carsome will launch a financial product for Dealer and consumers to facilitate the transaction process.

In three countries, the company claims to have recorded about 40 car sales transactions per year worth $300 million. The loan service portfolio that has been rolled out in the past year is also considered to be well received, for that in the future it will expand the number and scope of partners, including with banks and non-bank financial institutions.

"We want to be the Visa/Master network for car deals and build an ecosystem of collaborative partners to provide the best experience for consumers in Southeast Asia," said Carsome Co-Founder & CEO Eric Cheng.

He also explained that his business has been able to help more than 6 thousand people Dealer car. It is believed to be equivalent to processing transactions of 1% of all used car sales in the region.

Carsome will also take advantage of the strategic partnerships established with MUFG, one of which is by making Bank Danamon a financing partner in Indonesia. Meanwhile, MUFG will also develop B2B and B2C financing platforms in the automotive sector using Carsome transaction data.

"MUFG Innovation Partners together with banking partners namely Bank Danamon in Indonesia and Bank Krungsri in Thailand will collaborate to support Carsome's growth strategy as they deliver innovative solutions to the market and carry out their long-term vision," said MUIP President & CEO Nobutake Suzuki.

Previously in March 2018, Carsome had opened the round series B funding worth $19 million from a number of investors. Closed with the addition of $8 million in August 2018. Management is also continuously strengthening, recently announcing new CMOs and CTOs, namely Danny Chin and Chet Sin.

DSResearch once published a report entitled "Car Marketplace Survey 2018One of the findings, Carsome is the number 2 favorite platform for selling used cars in Indonesia after BeliMobilGue.