December 11, 2024: CarDekho SEA, has successfully secured $60 million in its debut external investment round. The new funds will help the firm improve capabilities in used car and bike financing, refinancing, and classifieds in Indonesia and to augment growth in the used auto financing sector in the Philippines.
Furthermore, the Southeast Asian arm of CarDekho Group, aims to strengthen its distribution partners through inventory funding and accelerate growth through complementary solutions in auto insurance, extended warranties, and electric vehicle financing.
Umang Kumar, Co-founder and CEO, CarDekho SEA said, “With this financing round, we are proud to partner with the teams at Navis and Dragon Fund on our journey to redefine the auto financial services landscape in Southeast Asia. This investment validates our progress in used auto financing in Indonesia while empowering us to accelerate our expansion to become the largest, fastest, and widest auto financial services marketplace in the region.” .
Founded in 2020 and headquartered in Singapore, CarDekho SEA has rapidly expanded its footprint across Southeast Asia, with operations spanning Indonesia, the Philippines, Malaysia, Thailand, and Vietnam. The company offers a broad range of services, including auto financial solutions, used car financing, dealer inventory funding, and classifieds. With an eye on the future, CarDekho SEA is setting its sights on becoming the region’s largest and fastest-growing auto financial marketplace, aiming to expand both geographically and through an enhanced product offering.
CarDekho SEA Surpasses $1 Billion in GMV, Expands Across Southeast Asia
The auto financial services firm has achieved a significant milestone, surpassing 200,000 disbursements and securing more than $1 billion in gross merchandise value (GMV). The company has forged strategic partnerships with over 50 financiers and 20,000 dealers, marking a notable expansion in the Southeast Asian automotive sector. Over the past three years, CarDekho SEA has experienced exponential growth, claiming a 50x increase in its operations. With a commanding online presence, the platform attracts more than 5 million monthly visitors in Indonesia and 2 million in the Philippines.
In Indonesia, CarDekho SEA commands a 3% market share in the used auto finance space and collaborates with over 40 financiers. The company operates a diverse portfolio of regional brands, including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines. Part of the CarDekho Group, which was founded in 2008, the company’s reach extends across various sectors, with prominent brands in the insurtech and fintech industries like InsuranceDekho and Rupyy.
CarDekho SEA’s impressive financial performance includes an annual GMV of $2 billion in auto financial services, $500 million in insurance GMV, and a group revenue run-rate of $400 million.
The company recently secured fresh funding in a round led by growth investors Navis Capital Partners and Dragon Fund, boosting its total fundraising to over $100 million.
