East Ventures announces that it has invested an undisclosed amount of pre-series A into motorcycle e-commerce Moladin. The round is joined by new investor CyberAgent Capital and several other angel investors.
Moladin said it will use the fresh fund to accelerate its existing products scaleup, build new features such as new car sales category and auto mortgage loans, as well as expansion to new cities.
Mario Tanamas, COO of Moladin explained, “Since its inception, Moladin continues to improve its products and innovate to answer the needs of all Indonesian motorists. This is in line with Moladin’s vision to become a one-stop automotive platform and an inseparable part of Indonesian motorists’ lifestyle.”
Moladin was founded in 2017, starting off by providing a platform for Indonesian consumers to purchase new motorbikes online. Their platform allows customers to transact and complete their purchase in one platform, getting information about motorcycles and bikes, provides an online directory for bikers to find the nearest servicing workshop, and communities to exchange reviews on spare parts and apparel.
In May 2019, the company starts to open its platform for used motorbikes. The featured, the company claims, immediately drew over 8,000 listings with a third of it quickly sold in less than seven months.
Also Read: Indonesia’s motorcycle buying platform Moladin raises US$1.2M to grow regionally
The company also started facilitating automotive mortgage loans in December 2019, and since then has disbursed about US$60,000 in loan amounts.
It’s been reported that by 2025, the Indonesian government plans to increase motorcycle production up to 10 million units a year, signaling how integral motorbike as a part of Indonesian people’s lives is.
“The industry itself is still run traditionally where people have to physically visit different dealerships just to get the specific type or model of the motorcycle they want. We are confident that Moladin can revolutionise the way people shop for motorcycles and becomes the number one all-in-one platform for all motorcycle-things related,” explained Nobuaki Kitagawa, Managing Director of CyberAgent Capital.
In July 2018, Moladin raised US$1.2 million in funding from East Ventures, Malaysia-based Berjaya Group, and Singapore-based Ethos Partners to expand its team and grow regionally.
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