Broom CEO Pandu Adi Laras
Broom, a tech startup empowering Indonesia’s used car showroom ecosystem, has closed a US$25 million Series A extension investment round led by Openspace Ventures.
AC Ventures, Quona Capital, MUFG Innovation Partners, and PKSHA Capital also participated.
Additionally, Broom has secured credit facilities from various institutions, including Komunal, Funding Societies Capital, Modalku Finansial Indonesia, Alami, Koinworks, Helicap, and DBS Indonesia, as well as support from several high-net-worth individual investors.
Also Read: Broom bags US$10M to diversify product offerings
With this investment, the startup aims to accelerate market expansion, deepen strategic partnerships, and build a top-tier team to drive sustainable success in dealer and buyer segments.
Pandu Adi Laras, CEO of Broom, stated: “The automotive sector faces challenges such as outdated financing options and a lack of digital integration, which hinder both dealers and consumers. By providing comprehensive solutions, including more innovative and inclusive financing for dealers across Indonesia, we aim to transform the industry and drive sustainable growth.”
Broom focuses on empowering Indonesia’s used car showroom ecosystem through technology and optimising vehicle inventory access while serving as a partner in expanding showroom businesses in a better and more comprehensive direction.
In the first half of 2024, the company’s disbursement from the Buyback product—designed for automotive dealers to temporarily sell their vehicle stock for working capital—nearly doubled compared to the same period last year, with a 144.9 per cent increase, reaching US$72.5 million. This has supported more than 7,000 SME automotive dealers in growing their businesses.
Additionally, Broom Leasing Channeling (BLC), a new service launched in Q4 2023, has generated 2,300 transactions, with total revenue exceeding US$17 million and capturing a 25 per cent market share in H1 2024.
Also Read: Broom nets US$3M to provide financing, digitalisation solutions for Indonesia’s auto dealers
In H2 2024, the company focuses on operational expansion to Western and Eastern Indonesia, collaborating with 23 multi-finance companies to streamline transaction processes through API integration and strengthen organisational capabilities through talent retention and recruitment.
Indonesia’s automotive industry, one of the largest in Southeast Asia, presents immense opportunities, particularly in supporting traditional dealers as they adapt to digital transformation.
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