Carsome races ahead with $290m funding

Update (January 10, 10:25 am): This article was updated to include details from a statement from Carsome.

Malaysian car marketplace Carsome has raised US$290 million in a new round led by 65 Equity Partners, SeaTown Holdings, and Qatar Investment Authority, said a Bloomberg report, citing sources. The round pushes its valuation to roughly US$1.7 billion.

Carsome co-founder and group CEO Eric Cheng / Photo credit: Carsome

Both 65 Equity Partners and SeaTown Holdings are backed by Temasek Holdings. Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile also joined the round.

Carsome is one of the largest online platforms for vehicle buyers and used car dealers. The company in September 2021 raised US$170 million from Asia Partners, Gobi Partners, and 500 Southeast Asia, among other investors, bringing its valuation to US$1.3 billion.

It plans to use the new funds to invest in hiring, tech development, and data capability. Carsome also looks to expand its retail brand Carsome Certified across markets in Malaysia, Indonesia, and Thailand.

With a presence in the three mentioned countries and Singapore, the startup claims it sells nearly 100,000 vehicles annually. The tech unicorn is also evaluating a potential listing in the US in the later part of 2022, added the report.

See also: Carsome and Carro: A neck-and-neck race to transform how people buy cars