🇮🇩 Used-car platform wheels in $42m in round co-led by Sequoia

Moladin, an used-car platform based in Indonesia, has raised US$42 million in its series A funding round led by Sequoia Capital India and Northstar Group.

East Ventures, Global Founders Capital, and K3 Ventures also took part in the financing round.

Photo credit: Moladin

Founded in 2017, Moladin helps agents and smaller dealers use tech to simplify transactions related to selling used cars. The company said it has over 15,000 agents and dealers across Indonesia. It has partnered with all the top financing companies in the country for buying cars across 115 cities.

“Unlike many of our peers, we believe the majority of used-car buyers and sellers still want to interact with a trusted expert for what is a significantly large transaction for them,” said Andrew Khoo, co-founder and CEO of Moladin.

The company will focus on scaling up its existing core businesses in Indonesia before expanding to other geographies and ancillary opportunities.

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The fresh capital raised will be used to scale Moladin’s existing automobile transaction business, expand its branch network, and enter new secondary segments such as retail, financing, and servicing.

In 2020, the company secured an undisclosed amount of pre-series A funding in a round led by East Ventures.