Malaysian car marketplace Carsome has raised US$170 million in its latest round, bringing its valuation to US$1.3 billion. With the round, which also comes with new credit facilities of US$30 million, it claims to have become the country’s largest tech unicorn.
More funding details
- Returning investors: Asia Partners, Gobi Partners, 500 Southeast Asia, Ondine Capital, MUFG Innovation Partners, and Daiwa PI Partners, among others
- Other investors: Catcha Group and MediaTek
- Stage: Series D2
More company updates
- The funds will help Carsome bolster the growth and expansion efforts of its business-to-consumer (B2C) business. The company said that it opened at least seven B2C retail centers this year across Malaysia, Indonesia, and Thailand, with more planned for the rest of 2021.
- The new funds would also strengthen the car marketplace’s offering in auto-financing for car buyers and used-car dealers, as well as boost its investments and merger and acquisition efforts, it said.
- According to Carsome, it currently moves over 100,000 vehicles annually, translating to around US$1 billion in revenue.
- The new funding comes after Carsome announced in July that it had agreed to acquire 19.9% of Australia-listed iCar Asia from Catcha Group in a US$200 million deal.
Editing by Jaclyn Tiu
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