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Carsome closes USD 290 million to expand its business brand

Syifa, automotive . 11 Jan 2022

Heaptalk, Jakarta — Carsome, Southeast Asia’s largest integrated car e-commerce portal, has reached funding of USD 290 million (1 USD equals Rp. 14,297) in Series E round. This e-commerce portal intends to employ its fresh fund to expand its retail brand Carsome Certified to its primary markets in Indonesia, Thailand, and Malaysia.

The investment obtained has increased the company’s valuation to around USD 1,7 billion. As this fund result, this automotive platform initiates to accelerate its product development, enhance its data management, and expand its team number. This valuation has also strengthened the platform’s position to become one of Southeast Asia’s biggest automotive e-commerce portals. 

Several investors took the lead in this funding round, namely 65 Equity Partners, Seatown Private Capital Master Fund, and Qatar Investment Authority (QIA). Moreover, Sunway, Gokongwei Group, YTL Group, Taiwan Mobile, Mediatek are also involved in this investment round. 

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Previously, this car e-commerce platform also accomplished the unicorn startup level due to gaining on the D2 series fund of USD 170 million in September 2021. In addition, this platform also has announced to reach a debt funding of USD 30 million to amplify the car financing business. This investment has succeeded in obtaining its valuation of USD 1,3 billion.

Carsome has been established in Indonesia since 2017 by implementing the initial business model, namely consumer-to-consumer (C2B). This portal purchases used cars and auctions them off to their business network. As a result of its expansion, this platform has advanced its business model into consumer-to-business-to-consumer C2B2C to facilitate consumer access and implement an online-to-offline approach that integrates website-based and center experience service capability.

This automotive platform also acquired shares in PT Universal Collection. This action aims to expand its business networks in auctioning motorcycles and cars. Moreover, Carsome also expects to penetrate the two-wheeled sales market and contribute to accessing finance providers and leasing.

The Country Head Indonesia of Carsome Indonesia, Delly Nugraha, delivered a statement regarding business expansion initiation, “We perceive plenty of opportunity after expanding our business to the business-to-consumer (B2C) segment. This B2C segment is considered as a business model that reflects retail. We intend to enlarge our business expansion into strategic areas,”