Umang Kumar, co-founder and CEO, CarDekho SEA
Singapore-based CarDekho SEA, the Southeast Asian arm of India’s leading digital automotive solutions provider CarDekho Group, has raised US$60 million in its first external funding round.
The investment was spearheaded by Navis Capital Partners and Dragon Fund, bringing the total funds raised to over US$100 million.
Established in 2020, CarDekho SEA provides a range of services, including used car financing and refinancing options, dealer inventory funding, and classifieds. It has a presence in Indonesia, the Philippines, Singapore, Malaysia, Thailand, and Vietnam. The company owns and operates a portfolio of brands, including OTO in Indonesia, and Carmudi and Zigwheels in the Philippines.
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Since its inception, CarDekho SEA claims to have achieved over 200,000 disbursements and exceeded US$1 billion in gross merchandise value (GMV). The company has established partnerships with over 50 financiers and 20,000 dealers and retail agents, resulting in a 50-fold increase in GMV over the past three years. In Indonesia, CarDekho SEA commands a 3 per cent market share in the used auto finance sector and collaborates with over 40 financiers.
The newly acquired capital will be strategically allocated to bolster CarDekho SEA’s capabilities in used car financing and classifieds in Indonesia and the Philippines. The company will also focus on fortifying its B2B2C model and expanding its market reach through enhanced partnerships and distribution channels.
Future plans include building upon its existing ecosystem for distribution partners in the region by offering solutions such as inventory funding for used car dealer/agent partners. The company aims to accelerate growth by introducing complementary solutions in auto insurance, extended warranties, and electric vehicle financing.
CarDekho SEA distinguishes itself through its technology-driven loan processes, asset-light marketplace model with zero credit risk, extensive network among used car dealers and agents, and strong partnerships with financiers. The company utilises AI and machine learning to mitigate fraud and credit risks and aims to provide additional data insights to its financing partners. Efforts are underway to deepen technology and process integrations with financier partners, enabling a streamlined and secure digital loan journey.
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