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Carsome secures $50 Million in Series C round

Malaysia’s car platform startup Carsome raises a $50 million in debt and equity in its Series C round from new and existing investors.

Carsome is the fastest growing online used car platform, providing efficient car selling services to individuals and entities. Through its online bidding portal, customers are able to sell their vehicles directly to dealers nationwide.

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Eric Cheng and Jiun Ee Teoh, Founders of Carsome (techcrunch.com)

The automotive startup closed a $50 million in debt and equity in its Series C Funding Round from new investors including MUFG Innovation Partners, a corporate capital of the MUFG group, and Daiwa PI Partners, one of the arms of Japan’s Daiwa Securities.

According to the company, it plans to use the new funds in expanding into more cities across South-east Asia and to offer more financing products to dealers and consumers through strategic partnerships.

Carsome facilitates the entire car selling process from inspection to valuation, bidding and payment as well as logistics needs, allowing the customer to sell their cars as fast as one day with zero charges and minimal effort.

As part of the strategic investment, Carsome and MUFG and its subsidiaries will collaborate to provide integrated financing access for both dealers and consumers via its platform.

Eric Cheng, Carsome’s co-founder and CEO said, “We aspire to be the be the Visa/Master network of auto transactions, and build a collaborative ecosystem of partner to provide the best experience to consumers in South-east Asia.”

Carsome was headquartered in Malaysia and has expanded to Indonesia and Singapore. It has more than 2,500 registered dealers on its platform.

Existing investors like Gobi Partners and Convergence Ventures also participated in the said round.

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