Deals Digest: Indonesia’s Moladin, India’s SirionLabs confirm fundraising

Moladin Team.

Indonesian used car marketplace startup Moladin announced raising $95 million in Series B funding while Indian SaaS startup SirionLabs secured $85 million from investors. The announcements confirmed the stories first broken by DealStreetAsia.

Indonesia’s Moladin confirms $95m Series B

Moladin, an Indonesia-based marketplace for used cars and motorbikes, announced raising $95 million in its Series B funding round led by global investment firm DST Global, with participation from existing investors East Ventures, Northstar Group, and Sequoia Capital India.

The announcement confirmed DealStreetAsia’s report last week, which was based on a filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

The filing showed that DST Global invested $50 million in the funding round, while East Ventures chipped in nearly $20 million.

Existing investors Sequoia Capital India and Southeast Asian private equity firm Northstar Group invested nearly $12.5 million each. The two firms had earlier co-led Moladin’s Series A round that raised $42 million.

With the newly raised funding, Moladin said it will continue to grow its ecosystem for dealers, agents, and end customers.

“Additionally, we will also continue to invest heavily in technology and data as key enablers to execute faster transactions, obtain best-in-class operational efficiency, and create a seamless customer experience,” the startup said.

Moladin was founded in 2017 by Jovin Hoon and Mario Tanamas as a motorcycle platform. On the back of massive demand for used cars, the company pivoted to become a used car marketplace in mid-2021. Tanamas left the firm in October 2020.

India’s SirionLabs announces $85m Series D

SirionLabs, a company that provides software applications for enterprise contract management, has confirmed raising $85 million in its Series D funding round backed by Partners Group, Sequoia Capital India, Avatar Capital, and Tiger Global.

The announcement confirms DealStreetAsia’s report nearly two weeks ago.

SirionLabs said the latest funding brings its total funds raised to date to $157 million, which more than doubles the company’s capitalisation. The company was founded in 2012 by entrepreneurs Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais.

The company said the funding from Partners Group and other investors will support scaling its operations, which includes adding up to 200 employees to its global workforce.

Registered in Singapore after being founded in 2012, SirionLabs counts telecommunications company Vodafone, financial services company Allianz Global Investors and consumer goods giant Unilever among its customers. It is headquartered in Seattle (US), with offices in the UK, Germany, France, Australia, India and Singapore.

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