Carmudi Philippines has received $10 million (over P511 million) worth of new funding, the bulk of which the company intends on using to further improve its Philippine operations at a time when new cars will shoulder higher taxes.
Considered the Asia’s leading car classifieds site, Carmudi raised the funding last year from HV Holtzbrinck Ventures, Tengelmann Ventures and Asia Pacific Internet Group (APACIG).
In 2014, it raised its first round of $10 million, followed by $25 million in 2015.
It has since established itself as market leader in both Philippines and Indonesia. Carmudi – a market platform for used and new cars – is also available in Indonesia and Sri Lanka.
In a recent roundtable discussion, the managing director of Carmudi Philippines, Cholo Syquia, told reporters that the bulk of the fund would go to Philippine operations, whose consumers have different “needs.”
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