Carmudi raised $25 million to strengthen its operations in Asia and Latin America. Investors include Asia Pacific Internet Group (APACIG), a joint venture of Rocket Internet and Ooredoo, Holtzbrinck Ventures, a leading consumer internet investor, Tengelmann Ventures, a division of international multi-sector retailer Tengelmann Group, and a private investor.
Launched in October 2013, Carmudi has rapidly scaled up to 20 countries, seven of which are in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Vietnam) and one in Latin America (Mexico). The platform is known to provide the most innovative and fastest way to buy and sell cars, motorcycles and commercial vehicles online.
The announcement of this funding comes at a time when the company is experiencing a remarkable growth of over 50 per cent in all its markets and has authentic listings of over 300,000 vehicles for its users globally.
“This funding will be crucial in boosting our operations in Asia and Latin America. Our goal is to be the No.1 car classified platform in all our markets. There are over 300 million active internet users that we are aiming to tap into in these markets. We want to make sure that we bring them the best experience of car shopping on their laptops and mobile phones.” Carmudi Co-Founder and Global Managing Director Stefan Haubold said.
The new round of investment goes to show the support and confidence investors have in Carmudi’s business model. As the internet penetration is likely to reach 44 per cent by 2018 in in Asia Pacific region alone (excluding China and India), Carmudi’s strategic timing could not have been better. Having the first-mover advantage is certainly helping Carmudi become a household name as it continues to reap the rewards from a growing middle class and influx of foreign spending in emerging markets. In fact, it is already reaching over a million users per month through its website and mobile app.
With its new features, Carmudi is making the selling and buying process much simpler for experts and novices alike who are new to the Internet.