Carsome, the Malaysian used car trading platform has announced snagging $50 million Series C financing led by MUFG Innovation Partners, the corporate venture capital arm of Japan's Mitsubishi UFJ Financial Group and Daiwa PI Partners, Endeavor Catalyst, and Ondine Capital. Gobi Partners and Convergence Ventures, the existing investors of the firm also participated in the round.The firm raised $19 million in March last year when Burda Principal Investments and Gobi Partners led the Series B round of the firm. The current infusion takes the total amount raised by the firm to $85 million.
Founded in 2015 by Eric Cheng and Jiun Ee Teoh, the firm offers an efficient car selling services to individuals and entities through its online marketplace. The company also helps the sellers in various regards like inspection, valuation, bidding, and payment. Operational in Indonesia, and Thailand along with Malaysian, the firm claims to have sold more than 40,000 cars on their platform worth $300 million.
Carsome CEO Cheng talking about the firm said, “With over 4 million used car transactions annually in Southeast Asia, Carsome transacts 1 percent of annual second-hand car sales in the region. We have helped over 6,000 dealers in growing their businesses and have become their closest working partners. We have also served car owners with a whole new experience in car trading - transparent, convenient and the fastest of its kind.”
Nobutake Suzuki, President, and CEO of MUI commenting on the funding said that "MUIP is proud to participate in this round of financing. We truly believe Carsome is well-positioned to exhibit strong market leadership by delivering a best-in-class experience to consumers and dealers throughout the used car supply chain. MUIP will work with its partner banks, Danamon and Krungsri, in collaboration with Carsome to support Carsome’s growth strategy as they continue to bring innovative solutions to the market and execute its long-term vision.”
Image Courtesy : TheEdgeMarkets