Malaysian car e-commerce platform Carsome has raised over $30 million in a strategic funding round, drawing participation from both new and existing investors, including Hong Kong Investment Corporation (HKIC), Gobi Partners, and Asia Partners, according to its statement on Tuesday.
The unicorn plans to deploy the proceeds to further scale its operations while maintaining a focus on profitability across its core Southeast Asian markets.
The latest capital injection reflects sustained investor confidence in the company’s improving financial position and long-term growth trajectory, particularly following what it described as record results in FY2025.
During the year, the company delivered its second consecutive year of positive EBITDA while more than doubling earnings to around $23 million. It also recorded a 16% increase in gross profit, reflecting stronger unit economics as it sharpened cost discipline and monetisation.
The performance was primarily driven by contributions from its Malaysia and Singapore businesses, which continue to anchor profitability, while other markets remain in a scaling phase.
The round also signals a deeper strategic alignment between Carsome and its investors, particularly in strengthening cross-border collaboration between Southeast Asia and Greater China. Hong Kong is expected to play a central role as a conduit for automotive innovation, advanced technologies, and access to global talent pools.
Through its partnership with HKIC, Carsome is looking to accelerate initiatives in supply chain development and technology collaboration, with a growing emphasis on integrating data and artificial intelligence into its operations. The company said these efforts are aimed at enhancing efficiency and supporting its broader regional expansion strategy.
Co-founder and CEO Eric Cheng said the company has spent the past few years prioritising operational discipline and building a more resilient business model, shifting its focus toward sustainable, profitable growth.
“This strategic collaboration and fundraising is a vote of confidence in our continued momentum and long-term vision. This partnership gives us crucial access to innovation capabilities, cross-border networks, and world-class talent that will support our work in AI, data, and next-generation mobility services across Southeast Asia,” Cheng said.
From the investor side, HKIC CEO Clara Chan said the backing of Carsome is in line with the institution’s broader mandate to support technology-driven companies that can deliver both financial returns and strategic value to Hong Kong’s economy.
She noted that Carsome represents the kind of high-growth, innovation-led company that aligns with HKIC’s focus on fostering scalable technologies and strengthening Hong Kong’s role as a global innovation hub.
Chibo Tang, managing partner, Gobi Partners, pointed to Carsome as an example of how Southeast Asian startups can build meaningful linkages with partners in Greater China by leveraging complementary strengths across both regions. As a long-time backer, Gobi said it has supported the company for nearly a decade and has seen its early vision materialise as it scales across markets and reshapes how consumers buy and sell vehicles.
Operating across Malaysia, Indonesia, Thailand, and Singapore, Carsome has positioned itself as an integrated car e-commerce platform offering end-to-end services spanning the entire vehicle ownership journey. These services are provided through its subsidiary brands, iCar Asia, WapCar, CarTimes, Carsome Academy, and Carsome Capital.
