Aditya Hadi Pratama · · 1 min readSequoia backs $95m round of Indonesian used-car platform
Moladin, a used-car platform based in Indonesia, has raised US$95 million in a series B funding round led by DST Global and joined by East Ventures, Northstar Group, and Sequoia Capital India.
The deal comes less than four months after Moladin raised US$42 million in its series A financing round, co-led by Sequoia Capital India and Northstar Group.
Moladin’s team / Photo credit: Moladin
Moladin helps agents and smaller dealers use tech to simplify transactions for selling used cars. The company said it has over 40,000 agents and dealers across Indonesia and has partnered with top financing companies in the country to buy cars across 135 cities.
The platform was founded by Jovin Hoon in 2017. Andrew Khoo joined as co-founder and CEO last year. The startup initially focused on new motorbike purchases, before pivoting to used cars in June 2021.
Moladin said that its transaction volume grew more than 20x over the past several months. The firm plans to use the fresh funding to expand its agent network and develop its digital platform.
See also: Visual: Indonesian carmaker Astra’s deep digital push
Editing by Deepti Sri and Arpit Nayak
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