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.
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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.