Singapore, December 2024 – CarDekho SEA, the international business arm of CarDekho Group, has successfully raised $60 million in its first external funding round. The investment was led by prominent growth and private equity investors Navis Capital Partners and Dragon Fund. With this latest round, the company’s total funding has crossed the $100 million milestone.
CarDekho SEA, headquartered in Singapore, operates across Southeast Asia, offering a comprehensive auto-ecosystem that includes used car financing, refinancing loans, dealer inventory funding, and online auto classifieds. Its ambitious goal is to become the largest and most comprehensive auto financial services marketplace in the region.
Strategic Expansion and Key Focus Areas
The newly secured funding will support CarDekho SEA in expanding its capabilities across Indonesia and the Philippines. The company plans to:
- Strengthen operations in Indonesia’s used car and bike financing market.
- Launch additional services in used car refinancing and auto classifieds.
- Expand into the burgeoning used auto financing sector in the Philippines.
The group also aims to accelerate growth by enhancing its ecosystem for distribution partners. Key offerings include inventory funding for used car dealers and agents, as well as introducing complementary services such as auto insurance, extended warranties, and electric vehicle financing.
Rapid Growth and Market Leadership
Since its inception in 2020, CarDekho SEA has achieved remarkable milestones, including:
- Over 200,000 disbursements, surpassing $1 billion in Gross Merchandise Value (GMV).
- Partnerships with 50+ financiers and 20,000 dealers and agents, marking a 50x growth in GMV.
- Monthly online traffic leadership with 5+ million visits in Indonesia and 2 million in the Philippines.
CarDekho SEA operates multiple regional brands, including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines, and maintains a presence in Thailand, Malaysia, Singapore, and Vietnam.
In Indonesia, the company commands a 3% market share in the used auto finance sector and partners with over 40 financiers, solidifying its position as a trusted player in the industry.
CEO’s Vision for Growth
Amit Jain, Co-founder and CEO of the CarDekho Group, expressed his gratitude for the funding and shared the company’s vision:
“This funding 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 is about bringing meaningful, accessible solutions to people worldwide and establishing ourselves as the largest auto-financial services marketplace once again.”
The Road Ahead
With its robust financial backing and proven expertise, CarDekho SEA is poised to reshape the auto-financial services landscape in Southeast Asia, providing innovative solutions to meet the evolving needs of consumers, dealers, and financiers across the region.
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