Carsome group CFO Miguel Fernandez / Photo credit: Carsome
Carsome, a used-car marketplace headquartered in Malaysia, has appointed Miguel Fernandez as its new group CFO. He succeeds Juliet Zhu, who now serves as the company’s group president.
Prior to this, Fernandez was the group CFO of Maya, a Philippine fintech company backed by KKR and Tencent. He also held senior financial leadership roles in Amazon and Coupang.
The move comes as Carsome beefs up its finances in preparation for an IPO. The company recently closed a funding round – while it did not disclose the amount raised, the round brought its liquidity position to around US$200 million.
Carsome said its revenue for 2022 grew 250% year on year to US$1.5 billion on the back of strong demand for car sales. Its new retail line, Carsome Certified, pitched in roughly 35% of the figure.
The company also hit operational profitability in the first quarter of 2023.
According to a letter seen by Tech in Asia, Carsome was eyeing “an internal bridging round and an external mid-year fundraise” for this year, potentially totaling US$55 million. Tech in Asia also reported that the company was seeking help from Malaysian deputy finance minister Steven Sim with its fundraising plans, which Carsome then refuted.
See also: Carsome’s controversial letter to Malaysian minister unpacked
Editing by Putra Muskita and Lorenzo Kyle Subido
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