Carsome, Malaysia's online auto marketplace, recently finished raising $50 million in equity which the company will use to improve its market presence throughout Southeast Asia.
In a statement, it said the funding would be used to help consolidate its market leadership in Malaysia, Indonesia and Thailand, with expansion into more cities in Southeast Asia, as well as to accelerate financing product offerings for dealers and consumers with multi-country roll-outs over the next 12 months.
“Carsome has built a successful track record with loan portfolios over the past year and is ready to scale up the offering by working with strategic partners, including regional banks and non-banking financial institutions,” it said.
The current financing round welcomed new investors, including MUFG Innovation Partners (MUIP); corporate venture capital arm and a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc (MUFG), one of the world’s leading financial groups; and Daiwa PI Partners, the private equity arm of Daiwa Securities Group, one of Japan’ largest securities groups, Endeavor Catalyst and Ondine Capital.
It also saw participation from existing investors, including Gobi Partners and Convergence Ventures, and other undisclosed new investors.
Carsome Co-Founder and Chief Executive Officer Eric Cheng said it was encouraged by the support of its global investors in the Series C round.
“They share in our vision to revolutionise Southeast Asia’s used car industry by establishing and upholding a new standard of quality assurance and through the better use of transactional data.
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