Indonesian car marketplace BeliMobilGue.co.id has closed a $10-million Series A round led by parent company Frontier Car Group, with participation from new and existing investors, including Jardines-owned PT Toyota Tunas Indonesia.
The investment comes a year after the company’s previous funding round and will help it further expand into key Indonesian cities, launch new verticals, enhance sales and marketing efforts, and hire new staff.
Through its platform, Jakarta-based BeliMobilGue.co.id enables consumers to sell their cars to a large private network of over 1,000 qualified buyers. It claims to conduct a 300-point inspection on each used car and then uploads the inspection report onto its partner app, which allows buyers around Indonesia to make an offer on the car while viewing competing offers.
In 2018, the company opened over a dozen new physical locations in the Greater Jakarta region, representing a total of 30 locations throughout the metro area. The company also introduced financial services and trade-in services for new car showrooms and fleet services, allowing large corporations to offload vehicles in bulk.
Financial services, specifically dealer financing, will be one of the main growth areas for 2019, the company said. The services will offer significant synergies to facilitate qualified buyers with short-term customized car financing, removing several hurdles by offering almost unlimited access to working capital.
BeliMobilGue is a joint venture between founder Rolf Monteiro, Berlin-based Frontier Car Group and Indonesia-only independent venture capital firm Intudo Ventures.
As a company under Frontier Car Group, which is backed by Naspers/OLX, Balderton Capital, TPG Growth and Partech Ventures, BeliMobilGue has access to global capital and a strategic network of other similar, successful businesses in emerging markets, it said.
The company announced its pre-Series A funding in January 2018, securing $3.7 million in a round led by Intudo Ventures and joined by Amand Ventures, Tasman Fund and Digital Garage, among others.
Also Read:
OLX Group injects $89m into auto marketplace Frontier Car Group
APAC Digest: Dely, BeliMobilGue.co.id and GTRIIP raise funding