Malaysia-based online used car platform, Carsome has completed its acquisition of iCar Asia, an automotive listing platform in Southeast Asia.
A statement was announced by Carsome that the remaining 80.1% stake in iCar Asia has been acquired.
In July 2021, Carsome has agreed to acquire 19.9% of iCar Asia from Malaysia-based internet conglomerate, Catcha Group.
Previous Highlights
- Carsome raised US$290 million in a Series E funding round during January 2022.
- The company's valuation back in January 2022 was around US$1.7 billion.
- Carsome is backed by reputable investors which include Temasek, 65 Equity Partners, SeaTown Holdings, Qatar Investment Authority, Gobi Partners, and 500 Southeast Asia.
Key Takeaways from Acquisition
- Carsome is the sole shareholder of iCar Asia.
- With both Carsome and iCar Asia combined; it offers an integrated automotive ecosystem in a region that transacts over US$55 billion worth of automobiles yearly according to a report.
- Carsome will be able to provide a broader solution and experience across the buying and selling value chain to more dealers and consumers in dominant markets.
- An expanded product offering of solutions will provide consumers a seamless entire car ownership journey – from search, transaction, finance and insurance to after-sales services.
"This partnership will allow us to further expand our offerings across discovery, consideration, purchase and fulfillment, covering the entire auto ecosystem based on our core values of trust, transparency and technology," Carsome co-founder and Group CEO Eric Cheng said.
