Rocket Internet’s Carmudi raises $10M to refocus on Asia following global retrenchment

▤ Summary

Carmudi , a Rocket Internet-backed company that sells cars online in emerging markets, has raised $10 million to develop its business in Southeast Asia after reducing its global footprint.Fast forward to today, however, and the business has retrenched to focus on just three countries: Indonesia, the Philippines and Sri Lanka.Its Africa-based services were swallowed up by Jumia, a billion-dollar online commerce firm with links to Rocket Internet.The company now includes sales of new cars and it has begun to offer finance packages in Indonesia alongside banking partners.E-commerce in Southeast Asia is tipped to grow to $88.1 billion by 2025 with Indonesia the largest single contributing country.

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