Malaysian secondhand car selling site Carsome has reportedly raised about US$200 million in its latest round of fundraising, and it aims at IPO in the US in 2022, sources familiar with the matter have been cited as saying.
According to a report published by Nikkei, Financial Times, and Statista, online retail of used cars has the largest business potential in Southeast Asia. The fastest-growing company in the business is Carro from Singapore with US$86 million in 2019 revenue and a projected 250% growth for 2021.
Malaysia-based Carsome takes the 17th place among all 500 fast-growing companies selected by the report. Carsome is the largest platform across ASEAN countries including Indonesia, Thailand and Singapore, with US$203 million in 2019 revenue and a projected revenue of US$1 billion for 2021.
Carsome said it has raised US$170 million in D2 series with a company valuation of US$1.3 billion. It has partnered with more than 8,000 dealerships and aims to make profits in 2022. In this July, it acquired 19.9% shares in Australia-based iCar Asia through stock swap.
Article translated by Yusin Hu
