January 23, 2018
Carmudi, a Rocket Internet-backed online car classifieds startup, has recently secured about $10 million in funding from a range of investors, including Tengelmann Ventures, according to an Inquirer report on Tuesday.
The latest financing round will be used to grow existing listings and to build new technology, with the bulk of the fund going to the firm’s Philippine operations, Carmudi Philippines managing director Cholo Syquia was quoted by the report as saying.
Joining Tengelman Ventures in leading the funding round were HV Holtzbrinck Ventures and Asia Pacific Internet Group (APACIG). Tengelmann Ventures has also backed other Rocket Internet ventures, including its property portal Lamudi, and e-commerce sites Zalora and Lazada.
Carmudi is considered one of Asia’s leading car classified sites. It has established itself to be the number one online classified platform in the Philippines and Indonesia.
The platform provides an online solution for sellers, buyers and car dealers to find or sell their cars, motorcycles or commercial vehicles online, In the Philippines, the Carmudi site sees millions of users every month and traffic has been increasing since it started in late 2013, according to Syquia.
In 2014, the company raised $10 million in its first round of funding, followed by $25 million in 2015.
Martin Weber, General Partner, HV Holtzbrink Ventures, was quoted as saying that the new round is an affirmation of the investor’s confidence in the auto classified industry in Southeast Asia and the new management team of Carmudi.
Carmudi recently named Pranjal Kanwar as its new CEO for Asia and has also moved its headquarters to Jakarta, Indonesia, signifying its commitment to the region.
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