KUALA LUMPUR, Sept 1 — Carsome Group, an integrated car e-commerce platform, has announced the completion of its US$170 million (US$1=RM4.14) Series D2 round of funding, bringing the company’s valuation to US$1.3 billion, thus cementing its position as Malaysia’s largest tech unicorn.
In a statement today, Carsome said the funding round is complemented by new credit facilities of US$30 million, bringing the total funds raised to US$200 million.
The Series D2 round — the largest equity investment in Carsome’s history — saw participation from one of the largest sovereign wealth funds in the region, as well as a pool of new international investors such as Catcha Group, MediaTek and Penjana Kapital.
It also saw strong participation from existing shareholders including Asia Partners, Gobi Partners, 500 Southeast Asia, Ondine Capital, MUFG Innovation Partners, Daiwa PI Partners and others.
Rothschild & Co acted as the financial advisor to Carsome for the deal.
According to Carsome co-founder and group chief executive officer Eric Cheng, the latest funding round enables the company to accelerate its organic growth in the retail and auto-financing business.
“We are deeply honoured and encouraged by the confidence and support accorded by our investors.
“We are geared up to achieve even greater heights while rolling out Southeast Asia’s integrated car e-commerce platform, now further solidified by various strengths within the ecosystem,” added Cheng.
Carsome’s latest funding round will empower its strategic focus on the growth and expansion of its business-to-consumer (B2C) business.
This year alone, Carsome has opened at least seven B2C retail centers known as Carsome Experience Centres across Malaysia, Indonesia and Thailand, with several more in the pipeline for the rest of the year.
The company has also opened its first vehicle reconditioning centre in Malaysia to add to its array of retail services and boost consumer confidence in its Carsome Certified cars.
The funding injection also strengthens Carsome’s offering in auto-financing for car buyers and used car dealers.
In addition to its numerous financing products, Carsome had recently launched auto financing facilities for graduates who typically face challenges in obtaining loan approvals from conventional banks.
Apart from championing the growth of its B2C business, Carsome’s Series D2 funding is also expected to boost its capabilities in strategic investments and mergers and acquisitions.
This year, the company has acquired an all-equity stake in PT Universal Collection, a Jakarta-based car and motorcycle auction service.
It had also entered into a strategic partnership with leading listings and content automotive platform, iCar Asia, to build the largest automotive ecosystem in Southeast Asia, with more transactions expected over the next six months.
Carsome transacts more than 100,000 cars on an annualised basis, which translates to around US$1 billion in revenue.
— BERNAMA
(Web Source: https://www.bernama.com/en/business/news.php?id=1998484)