DBS Indonesia lends $6m to auto-financing firm via debt facility

Broom, an Indonesia-based startup that offers financing for automotives, has secured a 100 billion rupiah (US$6 million) debt facility from DBS Indonesia.

Established in 2021, Broom provides car dealers with access to short-term loans with their used-car inventory as collateral.

Broom co-founders (from left): Andreas Sutanto, Pandu Adi Laras, and Pungky Wibawa / Photo credit: Broom

The firm will use the debt facility to expand to more cities in Java before the year ends and gain 5,000 car dealers as its clients, Broom CEO and co-founder Pandu Adi Laras told Tech in Asia.

To date, Broom has more than 3,000 used-car dealerships in Greater Jakarta and Surabaya, the company said.

See also: Moladin was ‘almost dead.’ Then it pivoted to used cars – and raised $137m

In February, the company raised US$3 million in a pre-seed funding round led by AC Ventures. It also counts financial institutions such as BRI Finance and BRI Insurance as partners.

Broom was founded by Laras, former COO of Gojek’s car rental service GoFleet, along with Pungky Wibawa and Andreas Sutanto, both experienced in the automotive business.

Currency converted from Indonesian rupiah to US dollar: US$1 = 15,698 rupiah.