Carsome, one of Malaysia's most popular used car marketplace startups, has just raised $290 million in a Series E funding round.
The new round pushes the company's valuation to around $1.7 billion, according to a report.
Carsome's Investment Details
- Carsome's funding round was led by 65 Equity Partners, SeaTown Holdings, and Qatar Investment Authority.
- The company recently raised $170 million back in September 2021 from Asia Partners, Gobi Partners, and 500 Southeast Asia.
- It's valuation back in September was around $1.3 billion.
What's next for Carsome
- With the fresh funds, the company plans to invest further into hiring, technology development, and data-related capabilities.
- The company will also be expanding its retail brand "Carsome Certified" across more Southeast Asian markets, most notably Malaysia, Indonesia, and Thailand.
- At present, the company sells nearly 100,000 vehicles annually.
- Carsome plans to go public in the later part of 2022, either via a traditional IPO or SPAC.