Automobile portal Carmudi recently announced that it has raised $10 million in fresh funds to strengthen its operations in the Philippines and Indonesia.
The new funds, which include some private investors, were raised from investors such as Holtzbrinck Ventures, Tengelmann Ventures and Asia Pacific Internet Group (APACIG) in support and confidence to Carmudi’s growing business in Asia.
In 2014, Carmudi raised $10 million on its first round of funding, followed by $25 million in 2015. Since then, Carmudi has grown exponentially and already established itself to be the number one online car classified platform in Philippines (carmudi.com.ph) and Indonesia (carmudi.com.id).
The funding comes at a crucial time as the company moved its headquarters to Asia and has new management taking over.
“As the market in South East Asia is evolving extraordinary well, we have moved our headquarter to Jakarta,” said Pranjal Kanwar, Carmudi’s new CEO for Asia.
“We want to ensure an unmatched car buying experience for anyone looking for a new or used car, which is a challenge in today’s highly fragmented automotive market. The new investment will be used to grow the existing listings business but also to build new technology to support newer business verticals such as auto finance, which already contributes a large part to our current revenue,” Pranjal further explained.
Martin Weber, general partner at HV Holtzbrinck Ventures, said the auto classified industry in Southeast Asia is currently experiencing remarkable growth.
“Carmudi.co.id is already the top car classifieds site in the Indonesia and the same is true for carmudi.com.ph in the Philippines. The new round is an affirmation of our confidence in the auto classified industry and the new management team,” Weber said.
Carmudi is already the top car classifieds site in the Philippines and Indonesia. The site currently has a total of 100,000+ vehicle listings, and claims 5 million+ monthly users.
Meanwhile, Carmudi Philippines managing director Cholo Syquia, expressed firm belief that the infusion of additional funding would benefit their operations locally.
“This (additional funding) will further bolster current operations and would develop more programs that would make business plans suited for the local setting; thus, making it more successful,” Syquia said.
“Carmudi Philippines will continue to provide more ways to help not just the buyers, but also business partners in creating a more conducive environment for the online car classifieds market,” Syquia noted.