Carsome bags US$30M Series D funding

Malaysia: Carsome, a leading integrated car e-commerce platform in Malaysia, announced today it has raised US$30 million in Series D funding.

The round was led by Asia Partners, with participation from existing investors Burda Principal Investments and Ondine Capital.

As per a press note, the fresh funds will be utilized to strengthen Carsome’s consumer-to-business (C2B) and business-to-consumer (B2C) offerings.

Besides, the money will also be used to support Carsome’s potential M&A opportunities in acquiring ancillary capabilities and consolidating their supply chain.

Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers — from car inspection to ownership transfer to financing.

With operations across Indonesia, Thailand, and Singapore, besides Malaysia, the firm claims currently it is transacting an annualized 70,000 cars totaling US$600 million in transacted value.

While the platform flourishes from digitalization tailwinds, Carsome said it remains focused on supporting its partners to navigate new challenges brought about by the pandemic.