<article>Indonesian online marketplace for new and used cars, Rajamobil.com, is in talks to raise up to $5 million by selling a minority stake in the company, according to two people familiar with the development.</article>

Indonesian online marketplace for new and used cars, Rajamobil.com, is in talks to raise up to $5 million by selling a minority stake in the company, according to two people familiar with the development.
Rajamobil.com is owned and operated by PT Raja Mobil Media, an online media company based in Jakarta.
In an exclusive interaction with DEALSTREETASIA, Rajamobil co-founder Dien Wong said the firm was also open to a strategic partnership as well as offloading a majority stake at the right price.
&#8220;Acquisition interest has come from an automotive and tech company who have seen our space as part of their value chain,&#8221; he said, hinting at a potential strategic partnership in the making.
Rajamobil was founded in 2012 with seed money from individual investors. It subsequently raised its first external funding round collecting more than $1 million in 2017 from a consortium of venture capital firms and prominent individual investors. Some of its VC backers include Ideosource and Stellar Kapital.
Rajamobil has also attracted funding from Theodore Rachmat, who owns a minority stake in Adaro Energy and features in the Forbes 2017 list of rich Indonesians. The startup also counts Eric Thohir, among the most influential individuals in Indonesia and founder-chairman of media and entertainment focused Mahaka Group, as its early backer.
Dien said that existing investors are likely to join the latest round and that Rajamobil is looking for a strategic investor as it pursues its growth strategy.
“We are targeting to sell minority although there are some companies who are looking to seek majority interest as well as an acquisition. We will consider it as they tend to have strategic value and might be able to push the company further. The company is in the process of finalizing its investors and plans to close the deal by end of 2018,&#8221; he said.
Rajamobil is currently focusing on new car segment sales. “We started to develop the product about two years ago. Now we have over 900 dealers &#8212; which is almost 60 per cent of the Indonesian market &#8212; as our members and using our services,&#8221; Dien added.

Indonesian online marketplace for new and used cars, Rajamobil.com, in talks to raise up to $5 million by selling minority stake in the company.

Indonesian auto marketplace Rajamobil in talks to raise up to $5m

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Indonesian auto marketplace Rajamobil in talks to raise up to $5m

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