Carsome is a Malaysia based marketplace for the users who trade cars. Carsome has closed its new $50 million financing round to repel the rival and to grow the business across the Southeast Asian markets. The financing Series C round was funded by the MUFG Innovation Partners which is the corporate venture capital arm as well as entirely owned subsidiary of the Mitsubishi UFJ Financial Group, the Daiwa PI Partners, Ondine Capital and the Endeavor Catalyst. The existing investors of Carsome includes Gobi Partners and Covergence Ventures, and both of them also participated in this round.
Carsome basically operates one of the greatest car trading platforms throughout the Southeast Asia and connect the individuals who is looking forward to selling the cars with the dealers. The startup is also available in Indonesia, Malaysia as well as in Thailand. They claim that their platforms contain over 40,000 cars which are worth more than $300 million trade. Carsome employs around 700 people and is used by over 6,000 dealers and offers both the dealers and sellers with the financing options. Moreover, they also use an online auction model to carry on the sales with the potential cars. Their fascinating approach allows the dealers to check everyday and to look over the cars on offer while focusing on vetting the autos quickly. Their auction model adds the competition as well as the potential for the seller to create more money.
The co-founder and CEO of the Carsome named Eric Cheng said that the startup is trying to take the challenges, and they wanted to establish a standard which would advocate transparency, trust and consistency of the quality and service assurance throughout the region which the businesses and people could rely on to make their decisions.