Moladin, an Indonesian used-car marketplace, has secured US $95 million in a series B fundraising round headed by DST Global, with participation from East Ventures, Northstar Group, and Sequoia Capital India.
Moladin’s series A investment round, headed by Sequoia Capital India and Northstar Group, received US $42 million less than four months ago.
Moladin assists brokers and small dealers in using technology to streamline used automobile transactions. The organization claims to have over 40,000 agents and dealers throughout Indonesia, as well as partnerships with the country’s major financial companies to purchase automobiles in 135 cities.
Jovin Hoon launched the platform in 2017. Last year, Andrew Khoo joined as a co-founder and CEO. In June 2021, the firm shifted its focus from new motorcycle purchases to used vehicles.
Moladin claims that its transaction volume has increased by more than 20 times in the last few months. The new funds will be used to extend the firm’s agent network and improve its digital platform.
