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Malaysia's Carsome used car selling platform raises $30 million in a Series D round.

Carsome has gone beyond just a used car selling platform to an end-to-end platform providing a multitude of services.


Malaysia's Carsome used car selling platform raises $30 million in a Series D round. | BEAMSTART News

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Carsome, the Malaysian company best known for providing a platform for people to buy and sell used cars, has raised $30 million in a Series D funding round.

The round was led by Asia Partners, with participation from existing investors Ondine Capital and Burda Principal Investments.

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One of Carsome's outlets in Malaysia.

Founded in 2015, Carsome has evolved from an online used car marketplace to an end-to-end solutions platform for consumers and used car dealers.

The company provides a wide range of services ranging from car inspection, to ownership, and even financing.

Aside from Malaysia, Carsome has operations across Indonesia, Thailand, and Singapore, with over 1000 employees in total

The firm claims it currently transacts over $600 million in transaction value yearly, and has achieved operational profitability since October.

The Carsome leadership team.

With the fresh funds, Carsome plans to strengthen their offerings for both consumers and businesses.

The company also plans to make strategic acquisitions to consolidate their supply chain and grow their ancillary revenues.

 “Over the past six months, we have doubled our monthly revenue compared to pre-pandemic levels, a dramatic acceleration due to the impact of the ongoing COVID-19 pandemic on consumer behaviour across our region. Consumers across our core markets of Malaysia, Indonesia, Thailand, and Singapore are increasingly purchasing cars to keep their families safe and adapt their businesses,” mentions Eric Cheng, CEO of Carsome.

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ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

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Carsome

Smarter, easier way to car buying & selling. Sell your used car with us within 30 mins & compare upfront exslusive offers from our Certified Dealers when buying new car to get the best deal.

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Asia Partners

Investments in technology-enabled companies that are transforming Southeast Asia's economy.

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Burda Principal Investments

Burda Principal Investments is the growth capital arm of Hubert Burda Media, providing capital and strategic support for growth companies.

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