CarDekho SEA, the Southeast Asia arm of the CarDekho Group, has raised $60 million in its first external funding round.
The investment was led by Navis Capital Partners and Dragon Fund, marking a significant milestone for the digital automotive solutions provider. This latest funding brings the total capital raised by the SEA business unit to over $100 million.
The funds will primarily be utilized to enhance the company’s presence in Indonesia, focusing on used car and bike financing, refinancing, and classified services. Additionally, CarDekho SEA plans to expand its operations in the Philippines by strengthening its foothold in the used auto financing market.
CarDekho made its entry into the Southeast Asian market in 2021 through the acquisition of Carmudi, a platform previously owned by Germany-based Rocket Internet. The company operates across countries like Indonesia, the Philippines, and Thailand through brands such as OTO.com and Carmudi. Under the leadership of Umang Kumar, who holds a notable stake in the entity, CarDekho SEA has steadily grown its market share.
In Indonesia, the company currently commands a 3% share in the used auto finance market, partnering with over 40 financial institutions. Its regional portfolio includes multiple brands, including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.
Since its inception in Southeast Asia, CarDekho SEA has recorded over 200,000 financing disbursements and achieved more than $1 billion in gross merchandise value (GMV). This represents a staggering 50x growth in GMV within three years. The company has built a robust network of over 50 financiers, 20,000 dealers, and retail agents.
The digital platform has also achieved significant online traction, with over 5 million monthly visits in Indonesia and 2 million in the Philippines. The business is further expanding its influence in markets like Thailand, Malaysia, Singapore, and Vietnam, solidifying its position as a leader in the region.
CarDekho SEA’s parent company, the CarDekho Group, operates several prominent platforms, including CarDekho, BikeDekho, InsuranceDekho, and PriceDekho. Despite a slight 3.5% dip in revenue for FY24, which the group attributed to the discontinuation of its used car business in India, the Southeast Asian arm continues to show strong potential for growth.
This funding round reflects growing investor confidence in CarDekho SEA’s ability to scale its business and revolutionize the automotive industry in the region. With the backing of Navis Capital Partners and Dragon Fund, the company is well-positioned to drive innovation and expand its reach in the burgeoning Southeast Asian auto financing market.
CarDekho SEA’s trajectory underscores its commitment to reshaping the automotive landscape across Southeast Asia, making it a key player to watch in the years to come
