Carsome boosts liquidity to RM924mil via fundraising

KUALA LUMPUR: South-East Asia’s largest integrated car eCommerce platform Carsome Group Inc has improved its liquidity position to about US$200mil (RM924mil) at the close of its latest fundraising round.

Carsome said this funding round drew broad-based participation from its existing investors, namely 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, and Asia Partners.

“It also attracted a long-term debt facility from a new investor, EvolutionX Debt Capital, a growth-stage debt financing platform that provides an alternative source of financing to technology companies in Asia,” it said in a statement yesterday.

Co-founder and group chief executive officer Eric Cheng said the group spent the last eight years building a more trusted way for customers to transact within South-East Asia’s used car industry.

“Our comfortable liquidity position and strong backing from both existing and new investors place us on solid footing to deliver the world’s first integrated car ownership ecosystem, going beyond just buying and selling cars to include ancillary services across the whole ownership lifecycle,” he said.

According to the statement, Carsome has been actively reshaping South-East Asia’s used car industry through its innovative data and tech-driven approaches, offering trust, transparency and choice to elevate the automotive ownership experience.

The platform today is firmly poised for an exciting next chapter in its growth journey, having sold over 150,000 cars annually and serving more than 15 million unique customers monthly across its diverse online and offline channels in the region, it added. — Bernama