Carmudi gets $25m funding to boost Asia, Latin America operations

Germany-based online car classified platform Carmudi, backed by Rocket Internet, raised $25 million to boost its operations in Asia and Latin America.

Involved investors are 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.

Carmudi reported it has been scoring over 50 per cent in all its markets and has authentic listings of over 300,000 vehicles for its users globally.

Since its 2013 launch, the tech startup has 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 innovative and fast way to buy and sell cars, motorcycles and commercial vehicles online.

Also Read: iCar Asia acquires One2Car for $14.4m

According to APACIG co-CEO Koen Thijssen, the new round of investment proves the support and confidence investors have in Carmudi’s business model.

“We invest in companies where we see high potential for growth and expansion. We are sure that Carmudi will be able to conquer its markets very soon,” Thijssen said.

Carmudi co-founder and global managing director Stefan Haubold explained the $25 million funding will be crucial to Carmudi in boosting operations in Asia and Latin America as it aims to be the No.1 car classified platform in all its 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,” Haubold said.

Carmudi believes its latest strategy is very timely as internet penetration is likely to reach 44 per cent by 2018 in Asia Pacific region alone, excluding China and India.

The company added it is already reaching over five million users per month through its website and mobile app. It caters to both experts and Internet newbies by making the selling and buying process much simpler.

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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.