Online car marketplaces in South and Southeast Asia raked in more moolah last week as investors continue to place higher bets in an increasingly competitive market.
India-focused Cars24 bagged $258.6 million from various investors last week. Of the total, Zennis Capital, DST Global and Alpha Wave Ventures pumped in $74.99 million each. The other big investor was Moore Strategic Ventures, which invested $22.7 million. Cars24’s valuation has risen to $1.6 billion after the funding, cementing its position as a unicorn.
One of Southeast Asia’s major players, Carsome, received close to $23 million last week alone. The majority of it came from Catcha Investments, with Daiwa PI Partners providing the rest.
The funding is part of a $170 million funding round announced by Carsome earlier this month. The company received as much as $146 million in equity funding as part of the round in late August, show its ACRA filings.
Leading online car marketplaces in South and Southeast Asia
Source: DATA VANTAGE
Earlier in June, Singapore-based Carro had closed a $360 million funding round to join the region’s unicorn club.
Other updates from DATA VANTAGE
Plant-based protein startup Growthwell Group raised $15.9 million in funding from Temasek Holdings and French investment firm Creadev. The company had secured an $8 million funding round led by the Singapore state-owned investment firm last year.
Singapore-based artificial intelligence startup Eureka AI secured $500,000 from venture capital firm B&Y Venture Partners last week. The funding is understood to be part of the $20 million round announced by the enterprise software company in Feb 2020. Its regulatory filings show it has so far raised $13.43 million in equity funding as part of the said round.
Healthtech firm Neuroglee Therapeutics’s regulatory filings show it received $300,590 last week from Leuu Inc Pte Ltd. The company recently announced it has closed a $10 million Series A round led by Openspace Ventures and EDBI, the investment arm of Singapore’s Economic Development Board.
Oncology startup AUM Biosciences bagged fresh funding amounting to $342,543 last week. The capital came from new investors including Asa Capital Partners and Pureland Global Venture.