CarDekho Group’s international business arm, CarDekho SEA has raised its first external funding round of USD 60 million.
The round was led by prominent growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund. Following this round, the cumulative fundraise now stands at USD 100+ million.
CarDekho SEA, headquartered in Singapore and operational across Southeast Asia, is a pioneering auto-ecosystem offering a variety of services including used car finance and refinance loans, dealer inventory funding, and classifieds, with a vision to become the largest, fastest, and widest auto financial services marketplace in the region.
The fresh capital will be used to enhance the group’s existing capabilities in Indonesia used car and bike financing, used car refinancing and classifieds, and to support further expansion into the used auto financing sector in the Philippines.
The group will continue to build and develop upon its ecosystem for its distribution partners in the region through existing product offerings like inventory funding for used car dealer/agent partners and aims to accelerate growth through complementary solutions in auto insurance, extended warranties, and electric vehicle financing.
In Indonesia, CarDekho SEA claims to hold a 3 per cent market share within the used auto finance sector and currently partners with over 40 financiers. Regionally, the firm owns and operates multiple brands including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.
Since its 2020 launch, CarDekho SEA has achieved significant growth, including over 200,000 disbursements, surpassing US$1 billion in gross merchandise value (GMV) and establishing partnerships with over 50 financiers and 20,000 dealers and retail agents, a 50x increase in GMV demonstrating exponential growth over the past three years.
The group also maintains online traffic leadership achieving monthly visits of more than 5 million in Indonesia and 2 million in the Philippines, and has a strong presence in Thailand, Malaysia, Singapore, and Vietnam.
Amit Jain, co-founder and CEO of the CarDekho Group shared, “We're thrilled and deeply grateful for this funding, which validates our belief in the power of our unique approach. By replicating our Indian playbook for international markets, we’ve been able to understand and solve consumer needs across diverse cultures and regions. This journey isn’t just about expanding our footprint but about bringing meaningful, accessible solutions to people worldwide. This is a shared achievement with our teams, partners, and customers who believe in our mission. to establish ourselves yet again as the largest auto-financial services marketplace. “
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