Mobilkamu, Indonesia’s online platform for buying new cars, has raised an undisclosed amount in a Series A round led by East Ventures and Genesia Ventures, according to an official release.
The round was joined by Denali Mitra.
Mobilkamu plans to use the fresh funding to expand its reach in the local market as well as to further develop its products and technologies. Its Series A financing follows an unspecified seed funding raised in November 2017.
Founded in 2015, MobilKamu claims to sell 150 cars every month. It has established partnerships with over 80 car dealers across Jabodetabek, as well as a diverse range of financial partners. This year, it plans to open new branches in different cities in Indonesia.
“Through proprietary technology, Mobilkamu has introduced a seamless experience of buying a new car by removing frictions of end consumer interacting with too many parties. This also creates high values for car sales agents, financing companies, and car dealerships to operate more efficiently thus making the price more affordable,” said East Ventures partner Melisa Irene.
Over 1 million new cars were sold in Indonesia in 2018, accounting for more than 30 per cent of the total market for new cars in ASEAN.
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