Carsome raises $170 Million at $1.3 Billion Valuation for E-commerce Industry

Carsome is the platform for buying and selling used cars. The platform also inspects cars to detect serious damages such as frames, fire, floods. Clients can have a test drive before buying, and then the company offers the doorstep delivery.

In the funding Series D round MediaTek, Catcha Group, Malaysian government fund Penjana Kapital. Among existing investors were Asia Partners, Gobi Partners, 500 Southeast Asia, Ondine Capital, MUFG Innovation Partners, Daiwa PI Partners. The recent fundings will be used for the company’s growth and development of retail business.

Carsome was launched in 2015 by Eric Cheng, who previously was a college dropout. Before the foundation of Carsome, he had already participated in various start-ups. Among recent improvements – the company started provided graduates with financing facilities. The reason is that graduates often face up the problem of obtaining loan approvals. Moreover, the company opened its first reconditioning center in Malaysia. Carsome has already had several offices in Malaysia, Indonesia, and Thailand.

We aim to help people sell their cars within an hour and to offer the best price possible in the country. Buying a car on our platform is literally just three clicks away and we deliver it to your doorstep”, says Eric Cheng.

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