Carsome, a used vehicle marketplace out of Malaysia, is reportedly discussing a Series C fund raising round worth $40 million for latter this year.
According to some of those reports that the company would also be increasing their current valuation of $110 million. Some sources have also said that the company would be valued at a "much higher" price. The company has not announced anything as of yet.
Based out of Kuala Lumpur, Carsome just recently fund raised $20 million in May that was led primarily by Burda Principal Investments. Other investors include 500 Startups, Lumia Capital, Gobi Partners, Spiral Ventures, Indogen Capital, and InnoVen Capital.
Started back in 2015, the company is currently head up by Co-Founder Jiun Ee Teoh and Eric Cheng.
Currently Carsome's focus is on selling used cars to consumers and agents through their digital bidding platform where they provide services like vehicle inspections, payment facilitation, and logistics.
The company is also operating in other Southeast Asian countries like Thailand, Singapore, and Indonesia.
Carsome claims to be the biggest auto dealer network within South East Asia and that they have over 4,000 dealers currently registered on their platform.
The company's focus on raising more funds is coming as they find more rivals popping up.
Recently Carro, a Singapore-based auto marketplace, recently announced they will be purchasing three more companies within Singapore before the end of this year. Not too long ago Carro had acquired Jualo, an Indonesian-based C2C platform, and fund raised around $90 million in a Series B funding round.
Aaron Tan, the CEO of Carro, recently said that his company currently has plenty of finances to begin making more acquisitions that help their overall business strategy. The purchases may include companies that operate within insurance, financing, roadside services, and others.
Other than Carro, Carsome is also competing against other companies that are already up and running throughout Southeast Asia. Companies like Carmudiu, iCarAsia, and BeliMobilGue.
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