Carmudi, Asia’s Leading Auto Portal, Secures USD 10M in New Funding to Grow Philippines and Indonesia Market

Carmudi, Asia’s leading car classifieds site, announced today that it raised USD 10 million over the last year led by HV Holtzbrinck Ventures, Tengelmann Ventures and Asia Pacific Internet Group (APACIG). Some private investors also joined the round. The new round shows the support and confidence investors have in Carmudi’s business.

In 2014, Carmudi raised its first round of USD 10 million, followed by USD 25 million in 2015, and has since established itself as market leader in both Philippines (carmudi.com.ph) and Indonesia (carmudi.com.id). This round, Carmudi’s third time funding, will be used to gear up its operations in both countries.

This funding comes at a crucial time as the company moved headquarters to Asia and has new management taking over.

“As the market in South East Asia is evolving extraordinary well, we have moved our headquarters to Jakarta”, said Pranjal Kanwar, CEO, Asia.

“We want to ensure an unmatched car buying experience for anyone looking for a new or used car, which is a challenge in today’s highly fragmented automotive market. The new investment will be used to grow the existing listings business but also to build new technology to support newer business verticals such as auto finance, which already contributes a large part to our current revenue”, Pranjal further explained.

“The auto classified industry in SEA is currently experiencing remarkable growth. Carmudi.co.id is already the top car classifieds site in Indonesia and the same is true for carmudi.com.ph in the Philippines. The new round is an affirmation of our confidence in the auto classified industry and the new management team”, said Martin Weber, General Partner, HV Holtzbrinck Ventures.

The site currently has a total of 100,000+ vehicle listings, and claims 5 million+ monthly users.

Carmudi Philippines Managing Director Cholo Syquia, expressed firm belief that the infusion of additional funding would benefit their operations locally.

“This (additional funding) will further bolster current operations and would develop more programs that would make business plans suited for the local setting; thus, making it more successful,” Syquia said.

With that, he conveyed his utmost gratitude over the support provided by investors, assuring that they will continue to provide utmost service to their well-loved patrons for their business.

“Carmudi Philippines will continue to provide more ways to help not just the buyers, but also business partners in creating a more conducive environment for the online car classifieds market, “Syquia noted.