Carsome refutes report that it petitioned gov’t for funding

Photo credit: Carsome

In a statement released on June 8, Carsome said it has neither petitioned nor solicited the Ministry of Finance for funding. This follows a Tech in Asia report indicating otherwise.

The Malaysian unicorn reaffirmed that it posted strong growth in revenue and operational profitability for the first quarter of 2023. The company also added that it has a solid liquidity position of over US$150 million, which will allow the startup to continue expanding in the region.

In the statement, Carsome said that it submitted a letter on March 27 in response to an engagement session with the Ministry of Finance “to encourage and welcome the participation of Malaysian institutional investors in the company’s growth journey.”

As Tech in Asia previously reported, Carsome is planning to do “an internal bridging round and an external mid-year fundraise” this year, which would be its “last” raises before a planned IPO.

According to the firm, its revenue for 2022 grew by 250%, driven by strong demand for its online car-buying and selling platform. The company’s new retail line, Carsome Certified, contributed 35% of total revenue last year.

“As we navigate a rapidly changing industry, Carsome has embraced adaptability and remained resilient,” said Eric Cheng, co-founder and group CEO of Carsome. “We are grateful for the government’s support towards a homegrown brand such as ours as we scale regionally.”

See also: Carsome petitions Malaysian minister in bid to raise $55m before IPO

Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.