Carsome, a leading integrated car e-commerce platform in Malaysia, announced today it has raised US$30 million in Series D funding. The round was led by Asia Partners, with participation from existing investors Burda Principal Investments and Ondine Capital.
As per a press note, the fresh funds will be utilised to strengthen Carsome’s consumer-to-business (C2B) and business-to-consumer (B2C) offerings. Besides, the money will also be used to support Carsome’s potential M&A opportunities in acquiring ancillary capabilities and consolidating their supply chain.
Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers — from car inspection to ownership transfer to financing.
Every car that transacts on the platform goes through a comprehensive 175-point inspection, and every car purchase is backed up with an extended warranty and a money-back guarantee, it said in a statement.
With operations across Indonesia, Thailand and Singapore, besides Malaysia, the firm claims currently it is transacting an annualised 70,000 cars totalling US$600 million in transacted value.
It has more than to 1,000 employees across all its offices.
The company further claimed that it doubled its Q3 2020 revenues from the pre-pandemic period, and achieved operational profitability as of October.
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