Photo credit: Carsome
Carsome, a Malaysia-based used car marketplace, has closed its latest fundraising round, bringing its liquidity position to around US$200 million. The amount raised was not disclosed.
The funding round attracted existing backers such as 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, and Asia Partners.
EvolutionX Debt Capital, a growth-stage debt financing platform by DBS and Temasek, also joined the round as a new investor.
In a letter previously seen by Tech in Asia, Carsome was eyeing “an internal bridging round and an external mid-year fundraise” totaling a potential US$55 million for 2023 – ahead of its planned IPO.
Qatar Investment Authority, 65 Equity Partners, and Seatown Holdings were slated to lead a US$45 million raise, while the remaining US$10 million was expected to come from “other existing Malaysian institutional investors.”
Tech in Asia previously reported that the company was seeking help from Malaysian Deputy Finance Minister Steven Sim with the fundraising plans, which Carsome then refuted.
Carsome said its revenue for 2022 grew 250% to US$1.5 billion on the back of strong demand for car sales. Its new retail line, Carsome Certified, pitched in roughly 35% of the total revenue last year. The company also hit operational profitability in the first quarter of 2023.
See also: Carsome petitions Malaysian minister in bid to raise $55m before IPO
Editing by Dhania Putri Sarahtika
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