Jakarta-based e-commerce platform for motorcycles Moladin has secured an undisclosed amount of pre-series A funding round led by East Ventures, it said in a statement.
CyberAgent Capital and several other angel investors too joined the round. Moladin will deploy the proceeds to add new categories such as car sales and auto mortgage loans and to expand to new cities.
Moladin COO Mario Tanamas said, in the statement, “This is in line with Moladin’s vision to become a one-stop automotive platform and an inseparable part of Indonesian motorists’ lifestyle.”
Moladin started off in 2017 as a one-stop platform for the purchase of new motorbikes. The platform features information about motorcycles and bikes, an online directory of service workshops, and communities to exchange reviews on spare parts and gear.
In May last year, the company opened its platform for used motorbike sales, which attracted over 8,000 listings with a third of it sold in less than 7 months.
In December 2019, Moladin started facilitating automotive mortgage loans and has disbursed about $60,000 to date. The company claims a 2x growth in GMV over the past year.
In Indonesia, 6.5 million motorcycle units were sold in 2019, up around 2% from 2018. By 2025, the Government plans to increase motorcycle production up to 10 million units a year.
Lead investor East Ventures, which has launched six funds in the last seven years, is one of the venture capital pioneers in Indonesia. Last August, East Ventures announced the close of its sixth fund at $75 million, more than double an initial $30-million target.