<article>Moladin, an Indonesia-based marketplace for used cars and bikes, has closed a $42 million Series A funding round co-led by Northstar Group and Sequoia Capital India, according to regulatory filings.</article>

Moladin, an Indonesia-based marketplace for used cars and bikes, has closed a $42 million Series A funding round co-led by Northstar Group and Sequoia Capital India, according to regulatory filings.
The company has raised $30 million in fresh funding (Series A1) and allotted Series A2 preference shares worth $12 million to convertible noteholders that participated in a previous round, show its filings with Singapore&#8217;s Accounting and Corporate Regulatory Authority (ACRA).
Lead investors Northstar and Sequoia India contributed $12.5 million each in fresh capital. Other investors to have injected capital in the round include K3 Ventures, Global Founders Capital (GFC), and Malaysia&#8217;s Berjaya Group.
According to Moladin&#8217;s share subscription agreement, the lead investors have the right to invest up to $12.5 million in the company via a convertible note on top of the Series A funding.
In conjunction with the financing, Northstar managing director Chee-Yann Wong and Sequoia India managing director Abheek Anand will join Moladin&#8217;s board, according to the startup&#8217;s ACRA filings.
The Series A1 shares were priced at $233.5 apiece.
The convertible noteholders, which include Moladin co-founder Andrew Khoo and GFC, had participated in a $12 million Simple Agreement for Future Equity (SAFE) — a financing instrument introduced by Y Combinator and widely used for seed financing that gives an investor a right to own equity in a company in future — in 2021.
DealStreetAsia had earlier reported that the company has secured $10 million as part of a Series A round led by GFC.
When contacted, Moladin said the details of its Series A round were &#8220;inaccurate&#8221; but declined to reveal more.
Founded in 2017 by Jovin Hoon and Mario Tanamas as a motorcycle platform, Moladin pivoted to a used car marketplace in the middle of 2021. Tanamas left the firm in October 2020, per his LinkedIn profile.
Moladin, which operates as a social commerce company leveraging agents to sell used cars to end consumers, is raising funds to expand within Indonesia following the pivot in its business model.
The startup is banking on its asset-light, agent-driven strategy to stay competitive in a market dominated by bigger rivals, industry watchers say.
Moladin’s recent pivot to the used car segment follows the success of regional auto marketplace unicorns — Carro and Carsome — and the huge investor appetite for the fast-growing segment. Both Carro and Carsome turned unicorns in 2021 as their valuation breached the $1 billion mark after closing new funding rounds.
India’s used-vehicle marketplace CARS24 launched its operations in Thailand in November 2021 and plans to enter Indonesia in 2022.

Moladin, an Indonesia-based used cars platform, has closed a new funding round co-led by Northstar and Sequoia India.

Indonesia's used cars platform Moladin closes $42m Series A round

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Indonesia's used cars platform Moladin closes $42m Series A round

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