A 100-billion-rupiah (US $6 million) lending facility has been obtained by Broom, an Indonesian company that provides finance for cars, from DBS Indonesia.
Broom, which was founded in 2021, gives auto dealers access to short-term loans using their inventory of old cars as collateral.
According to reports, Broom CEO and co-founder Pandu Adi Laras said the company will utilize the lending facility to increase its clientele of 5,000 vehicle dealers and expand to other cities in Java before the year is up.
According to the firm, Broom now operates more than 3,000 used automobile stores in Greater Jakarta and Surabaya.
A pre-seed fundraising round headed by AC Ventures in February saw the startup secure US $3 million. Financial organizations including BRI Finance and BRI Insurance are also involved in the venture.
Laras, a former COO of GoFleet, a car rental service operated by Gojek, along with Pungky Wibawa and Andreas Sutanto, two skilled professionals in the automotive industry, launched Broom.
