Carsome now valued at USD 1.3 billion, setting its unicorn position in Malaysia

Carsome Group has announced the closure of its USD 170 million Series D2 round of funding, bringing the company’s valuation to USD 1.3 billion and cementing its position as Malaysia’s largest tech unicorn. New credit facilities add USD 30 million, bringing total funds raised to USD 200 million.

The Series D2 round saw new international investors such as Catcha Group and MediaTek as well as from existing shareholders including Asia Partners, Gobi Partners, 500 Southeast Asia, Ondine Capital, MUFG Innovation Partners, Daiwa PI Partners and others.

“We are excited to be partnering with Carsome to build the best and most comprehensive automotive ecosystem in Southeast Asia. With our respective strengths and experience across the region, I am confident that we will continue to grow our leadership in the overall industry as we expand vertically and horizontally,” said Catcha Group Co-founder and Group CEO, Patrick Grove.

Eric Cheng, Co-founder and Group CEO of Carsome, said, “We are deeply honoured and encouraged by the confidence and support accorded by our investors. We are geared up to achieve even greater heights while rolling out Southeast Asia’s integrated car e-commerce platform, now further solidified by various strengths within the ecosystem.”

Carsome’s latest funding round will serve the growth of its business-to-consumer (B2C) business. Within this year, Carsome has opened at least seven B2C retail centres known as Carsome Experience Centres across Malaysia, Indonesia and Thailand, with several more in the pipeline for the rest of the year.

The funding also aids Carsome’s offering in auto-financing for car buyers and used car dealers, including the recently launched financing program for graduates. The company has also opened its first vehicle reconditioning centre in Malaysia to boost consumer confidence in its Carsome Certified cars.

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Earlier this year, the company has acquired an all-equity stake in PT Universal Collection, a Jakarta-based car and motorcycle auction service, and Australian-listed automotive platform iCar Asia.

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