Moladin Focuses After Securing Pre-Series A Funding

Moladin successfully secured Pre-Series A funding led by East Ventures. No amount was stated, with CyberAgent Capital joining as a new investor along with several other angel investors. It is planned that this funding will be used by Moladin to strengthen its position in the industry by strengthening its business and expansion.

Last year 2019 was quite an impressive year for Moladin. To Dailysocial, Moladin CEO Jovin Hoon said they managed to double the GMV from the previous year. They also managed to add 8000 listing used motorcycles in their system, including an 8-fold 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.

"We plan to focus on product growth such as sales of new motorcycles, used motorcycles, and automotive mortgage loans. [We also plan to] expand sales of new motorcycles in Java, which for now is only in Jabodetabek. [We will also] focus on improving products and technology by building more partnerships and expanding the team," explained Jovin.

Moladin was founded in 2017. Departing from the passion to make it easier for the public to purchase motorcycles, Moladin began to develop its business, starting from providing information about motorcycles, the location of the nearest service workshop, to opening for the sale of used motorcycles.

In 2018 ago Moladin too get an injection of $1,2 million or around Rp17,1 billion from East Ventures, Berjaya Group, and Ethos Partners.

"We believe with Jovin and Mario's vision that Moladin can become a leader in the motorcycle industry. Over the 2 years of their journey and the team have shown significant progress in realizing this vision," explained East Ventures Partner Melisa Irene.

Take advantage of the potential of the Indonesian motorcycle market

Motorcycle sales in Indonesia experienced slight growth in 2019 from the previous year. However, the range of sales figures is at 6,5 million units. Moladin's entry into the used motorcycle segment is also a strategic step to increase the reach of users, where there are still many people who choose to buy used cars because they are more affordable.

Jovin explained, with sales of more than 6 million units per year, Indonesia is a big market for motorcycles. It's just that digitalization in this industry is still in its early stages and there is still much that can be done to improve the user experience in buying a motorcycle. That is one of the reasons why Moladin tries to strengthen the products and technology they currently have.

Jovin and the team are looking at 2020 with optimism. With what they got in 2019 and investor support earlier this year, Moladin is targeted to grow 3 to 4 times GMV compared to the previous year. Expansion to major cities across Indonesia and optimizing operations towards profit are two of the company's series of big plans this year.