Southeast Asian used-car trading platform Carsome announced that it has appointed Juliet Zhu as its chief financial officer effective January 1.
Photo credit: Carsome
Zhu previously worked with Fosun RZ Capital, a global venture capital firm under Hong Kong-listed conglomerate Fosun Group, as well as other Southeast Asia-focused VC firms such as Jubilee Capital Management and Cento Ventures.
As CFO, Zhu will help to drive Carsome’s growth strategy for core and new business verticals and ecosystem development through partnerships and M&As. She will also oversee all capital management including equity and debt fundraising, according to a statement.
The announcement comes after Carsome raised US$50 million in a series C funding round in December 2019. The company said that the addition of Zhu to the team will help strengthen its regional leadership in the industry by expanding its offerings, including financing, warranty, and insurance.
Founded in 2015, Carsome is a one-stop shop for car buyers and sellers, providing a full-stack selling solution from inspection to ownership transfer. It currently covers Malaysia, Indonesia, Thailand, and Singapore, transacting more than 40,000 cars annually worth over US$300 million.
Carsome said it aims to be operationally profitable in Indonesia and Thailand by the end of 2020. It reached profitability in Malaysia last year.
In November 2019, Carsome started working with crowdfunding startup Funding Societies in the country to offer up to US$200 million in financing to local dealers for used-car purchases.
Editing by Charmaine de Lazo
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