Carmudi Indonesia Acquired iCar Asia Worth 42 Billion Rupiah

iCar Asia today (19/9) announced that it is in the process of finalizing the acquisition of the Carmudi Indonesia car buying and selling site. The acquisition value is $3 million or the equivalent of 42,2 billion Rupiah.

Regarding the transaction, iCar Asia explained that it would provide it in 2 stages. The first phase is $2 million this year, the remaining $1 million next October. The completion of the acquisition document is targeted for completion on October 15, 2019.

Apart from Indonesia, Carmudi also operates similar services in the Philippines and Sri Lanka. Previously they also had bases in the United States, United Arab Emirates and Singapore; however, when this article was published, the Carmudi.com site had beenredirect to Carmudi.co.id. While sites in the Philippines and Sri Lanka can still be accessed independently.

Carmudi's total valuation is around $45 million or equivalent to 633,3 billion Rupiah. Finally they get funding $10 million worth of C series at the end of 2017. A consortium of investors HV Holtzbrinck Ventures, Tengelmann Ventures, and APACIG were involved in the investment round.

The figure of $3 million looks relatively small when compared to its valuation, especially since Indonesia is predicted to be Carmudi's main market. In the middle of last year, Carmudi also acquired a player in the same sector, namely GudangMobil.id.

Competition in Indonesia for marketplace similar indeed very tight. Apart from Mobil123, there are also competitors, OLX, Oto.com, etc. which sell similar business models. There are two business models applied by Carmudi, namely: advertising and lead generation -- or generate potential buyers to car sellers.

Apart from Mobil123, iCar Asia also operates automotive media in Indonesia, namely Otospirit.com. Companies that have go public through the Australian stock exchange (ASX) it currently also serves the Malaysian and Thai markets.