Carmudi Secures $25M in Funding for Asia and Latin America
Carmudi, an international online car classified platform, has raised $25 million to strengthen its operations in Asia and Latin America. Investors include Asia Pacific Internet Group (APACIG), a joint venture of Rocket Internet and Ooredoo, Holtzbrinck Ventures, a leading consumer internet investor, Tengelmann Ventures, a division of international multi-sector retailer Tengelmann Group, and a private investor. The company received funding at the time when it has achieved remarkable growth of over 50% in all its market and has an authentic listings of over 300,000 vehicles for users globally.
Launched in October 2013, Carmudi run its operations in 20 different countries with support from Rocket Internet, which is the world’s biggest startup incubator. Seven of these countries are in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Vietnam) and one is in Latin America (Mexico). The online platform provides the most innovative and fastest way to buy and sell cars, motorcycles and commercial vehicles online.
Carmudi Co-Founder and Global Managing Director Stefan Haubold said:
“This funding will be crucial in boosting our operations in Asia and Latin America. Our goal is to be the No.1 car classified platform in all our markets. There are over 300 million active internet users that we are aiming to tap into in these markets. We want to make sure that we bring them the best experience of car shopping on their laptops and mobile phones.”
Koen Thijssen, co-CEO of APACIG, was happy of his investment decision believing that the company has huge potential with the ability to conquer its markets very soon. Carmudi’s strategic timing could not have been better as the internet penetration is likely to reach 44 per cent by 2018 in in Asia Pacific region alone (excluding China and India).
The company has become a household name because of the first mover advantage and it is rapidly growing in emerging markets. In fact, it is already reaching over a million users per month through its website and mobile app. With its new features, Carmudi is making the selling and buying process much simpler for experts and novices alike who are new to the Internet.