Moladin, an Indonesia-based marketplace for used cars and motorbikes, has laid off 360 employees, or 11% of its total workforce, according to a statement on Friday.
Hafif Assaf, Chief of Government Relations and Public Affairs at Moladin, said the layoffs will support the company’s sustainability efforts. All the impacted staff will be paid compensation accordingly, he said.
The layoffs come less than a year after the company raised $95 million in a Series B round in April 2022. According to regulatory filings, DST Global led the round, with participation from East Ventures, Sequoia Capital India, and Southeast Asian private equity firm Northstar Group.
Moladin was founded in 2017 by Jovin Hoon and Mario Tanamas as a motorcycle platform. On the back of massive demand for used cars, the company pivoted to become a used car marketplace in mid-2021. Tanamas left the firm in October 2020.
Hoon told DealStreetAsia earlier that the company plans to build a comprehensive omnichannel automotive system for dealers, agents, and end customers in Indonesia and will provide value-added services, including financing, through partnerships.
Moladin has already partnered with 13 finance companies in Indonesia, including BFI Finance, Mandiri Utama Finance, and WOM Finance. Besides providing used-car financing, Moladin also provides new-car financing and mortgage services.
Moladin is not the only used car platform that downsized its members this year. Last month, OLX Group was reported to be downsizing its Indonesia office and putting its automotive business on the market for sale, according to several sources aware of the matter.