The Carsome senior management team
Carsome, a leading integrated car e-commerce platform in Malaysia, announced today it has raised US$30 million in Series D funding.
The round was led by Asia Partners, with participation from existing investors Burda Principal Investments and Ondine Capital.
As per a press note, the fresh funds will be utilised to strengthen Carsome’s consumer-to-business (C2B) and business-to-consumer (B2C) offerings.
Also Read: Digitalisation is driving the new normal for Southeast Asia’s automotive sector
Besides, the money will also be used to support Carsome’s potential M&A opportunities in acquiring ancillary capabilities and consolidating their supply chain.
Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers — from car inspection to ownership transfer to financing.
Every car that transacts on the platform goes through a comprehensive 175-point inspection, and every car purchase is backed up with an extended warranty and a money-back guarantee, it said in a statement.
With operations across Indonesia, Thailand and Singapore, besides Malaysia, the firm claims currently it is transacting an annualised 70,000 cars totalling US$600 million in transacted value.
Also Read: Carsome closes US$50M Series C; aims to be operationally profitable by end-2020
It has more than to 1,000 employees across all its offices.
The company further claimed that it doubled its Q3 2020 revenues from the pre-pandemic period, and achieved operational profitability as of October.
Eric Cheng, Co-founder and Group CEO of Carsome said: “Over the past six months, we have doubled our monthly revenue compared to pre-pandemic levels, a dramatic acceleration due to the impact of the ongoing COVID-19 pandemic on consumer behaviour across our region.”
“Consumers across our core markets of Malaysia, Indonesia, Thailand, and Singapore are increasingly purchasing cars to keep their families safe and adapt their businesses,” he added.
“Carsome’s integrated approach offering a one-stop solution to used-car buyers and sellers is genuinely impressive. We see that this will be the way forward for the used car industry, and we look forward to working closely with Eric and his capable team in further scaling the business across the region,” said Oliver M. Rippel of Asia Partners.
“We have built a defensible, scalable, and profitable business with very healthy unit economics attributed to both growth in gross margin and steady improvements in productivity and conversion metrics,” said Juliet Zhu, Carsome Group CFO.
While the platform flourishes from digitalisation tailwinds, Carsome said it remains focused on supporting its partners to navigate new challenges brought about by the pandemic.
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Image Credit: Carsome
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