Malaysia's Carsome raises $200M in financing round, valuation hits $1.3B
Summary
Southeast Asian used car trading platform Carsome Group announced on Wednesday the close of its $170 million Series D2 round of funding, bringing the company’s valuation to $1.3 billion and cementing its position as Malaysia’s largest tech unicorn. According to Carsome Co-founder and Group CEO Eric Cheng, the latest funding round enables the company to accelerate its organic growth in the retail and auto-financing business. “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,” Cheng added. Carsome has recently launched auto-financing for graduates who typically face challenges in obtaining loan approvals from conventional banks. This year, the company has acquired an all-equity stake in PT Universal Collection, a Jakarta-based car and motorcycle auction service, as well as entered a strategic partnership with listings and content automotive platform iCar Asia to build the largest automotive ecosystem in Southeast Asia, with more transactions expected over the next six months.