This round brings Carsome to a $1.3B valuation. Here are the top-line bullets you need to know.
Carsome, a car buying platform, has raised $170M in a Series E. The round drew participation from MediaTek, Catcha Group, and Penjana Kapital, among others. The company raised an additional $30M in a line of credit that was financed by undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- Malaysia-based Carsome’s platform helps customers connect with more than 8,000 used car dealers and provides services such as inspection, ownership transfer, and financing for vehicles.
- Carsome currently operates in Malaysia, Indonesia, Singapore, and Thailand.
- Selling about 100,000 vehicles annually, Carsome is expected to generate $1B in revenue in 2021.
- The company is currently supported by a team of over 1,700 employees.
WHY DOES THE MARKET MATTER?
- The global used car market is projected to grow at a CAGR of 5.5% to reach a value of $2.15T by 2027, according to Grand View Research.
- Online sales of used cars account for about 22% of the total market and are expected to be a key driver of future industry growth.
- The Covid-19 pandemic has accelerated digitization in the auto retail space, as 61% of consumers are now open to buying a car online, up from 32% before the pandemic.