- Carmudi, Asia’s Leading Auto Portal, Secures USD 10M in New Funding to Grow Philippines and Indonesia Market
- Financing round is led by HV Holtzbrinck Ventures, Tengelmann Ventures and APACIG
- Investment will be used to grow existing listings and to build new technology
Carmudi, Asia’s leading car classified site, has recently announced that it has raised $10 million in fresh funds to strengthen its operations in Philippines and Indonesia market.
The new funds, which include some private investors, were raised from investors such as Holtzbrinck Ventures, Tengelmann Ventures and Asia Pacific Internet Group (APACIG) in support and confidence to Carmudi’s growing business in Asia.
In 2014, Carmudi raised $10 million on its first round of funding, followed by $25 million in 2015. Since then, Carmudi has grown exponentially and already established itself to be the number one online car classified platform in Philippines (carmudi.com.ph) and Indonesia (carmudi.com.id).
This funding comes at a crucial time as the company moved its headquarters to Asia and has new management taking over.
“As the market in South East Asia is evolving extraordinary well, we have moved our headquarter to Jakarta”, said Pranjal Kanwar, Carmudi’s new CEO for Asia.
“We want to ensure an unmatched car buying experience for anyone looking for a new or used car, which is a challenge in today’s highly fragmented automotive market. The new investment will be used to grow the existing listings business but also to build new technology to support newer business verticals such as auto finance, which already contributes a large part to our current revenue”, Pranjal further explained.
“The auto classified industry in SEA is currently experiencing remarkable growth. Carmudi.co.id is already the top car classifieds site in the Indonesia and the same is true for carmudi.com.ph in the Philippines. The new round is an affirmation of our confidence in the auto classified industry and the new management team”, said Martin Weber, General Partner, HV Holtzbrinck Ventures.
Carmudi is already the top car classifieds site in the Philippines and Indonesia. The site currently has a total of 100,000+ vehicle listings, and claims 5 million+ monthly users.
Meanwhile, Carmudi Philippines managing director Cholo Syquia, expressed firm belief that the infusion of additional funding would benefit their operations locally.
This (additional funding) will further bolster current operations and would develop more programs that would make business plans suited for the local setting; thus, making it more successful,” Syquia said.
With that, he conveyed his utmost gratitude over the support provided by investors, assuring that they will continue provide utmost service to their well-loved patrons for their business.
“Carmudi Philippines will continue to provide more ways to help not just the buyers, but also business partners in creating a more conducive environment for the online car classifieds market, “Syquia noted.
Carmudi was established in 2013 and is currently available in Indonesia, Philippines and Sri Lanka. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online.
About Asia Pacific Internet Group
APACIG was founded in 2014 under the name Asia Internet Holding by Rocket Internet & Ooredoo. Backed by the German startup incubator and the Qatari telecommunication giant, the platform already unites 16 online companies in 15 South East Asian countries & more than 1000 employees.
About Holtzbrinck Ventures
HV Holtzbrinck Ventures is one of the most successful, experienced and well-financed early stage and growth investors in Europe. The venture capital company has been investing in internet and technology companies for more than 17 years. HV Holtzbrinck Ventures has financed over 150 companies, such as the leading European fashion online market place Zalando, food delivery service Delivery Hero, mobility provider FlixBus and the digital investment service Scalable Capital. It has currently € 737m assets under management. HV Holtzbrinck Ventures has offices in Munich and Berlin and supports startups with investments from € 500,000 to € 40m. Hence, HV Holtzbrinck Ventures is one of the few venture capital firms in Germany, which is able to support companies through all investment stages.
About Tengelmann Ventures
Tengelmann Ventures is one of Germany’s leading venture capital investors. It has invested in over 50 companies over the past five years, many of which have become global players and leaders in the market in their particular segment. Tengelmann Ventures mainly focus on early and later stage investments in consumer internet companies, internet marketplace and technology ventures.