C88 acquires Indonesia-based auto listings site Otobro

Financial technology company C88 Group has acquired an Indonesia-based startup Otobro  for an undisclosed amount.

Otobro is an Indonesia-based site that helps people decide which car or motorcycle to buy and what types of financing are available.

Otobro inspects all cars listed on its website (no accidents, no major damage, less than 100,000 km) to protect users from scams, which are common in listings.

The acquisition is the second for C88, who bought a software company, ThinkTank Software, in Manila two years ago. The move intends to “fast-track the growth of C88’s automotive finance and insurance category”, says C88 CEO JP Ellis as quoted by Tech in Asia.

In Indonesia, C88 now operates branches in seven major cities. Its brands in Indonesia are CekAja, for credit cards, loans, and investment opportunities; Premiro, which specialises in insurance, and now Otobro, which focuses financing and insurance options for cars and motorbikes.

Across its platforms, C88 combines a personalised data driven experience for consumers with easy-to-use web and mobile experiences, as well as back-office infrastructure.

In September 2016, C88 received a series B funding from Australian telco arm Telstra Ventures. Existing investors Monk’s Hill Ventures and Kejora Ventures also took part in addition to others such as Captii Ventures, Altitute Partners, Jasrag Investments, and several unnamed “international investment groups and high net worth individuals” from Indonesia and Malaysia.

It recently picked up more cash from Kickstart Ventures and Socrates Capital to fund growth in the Philippines.

Also Read:

Telstra Ventures leads series B round into financial website operator C88

Indonesia: Kejora Ventures marks first close of $80m fund

Gaw Capital buys Telstra HQ, targets student dorm biz

Convergence Ventures set to announce final close of $25m fund this week

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.