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.

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.

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.