Topics
Latest
AI
Amazon
Image Credits:NOAH SEELAM / AFP / Getty Images
Apps
Biotech & Health
clime
Image Credits:NOAH SEELAM / AFP / Getty Images
Cloud Computing
commercialism
Crypto
Enterprise
EVs
Fintech
Fundraising
Gadgets
game
Government & Policy
computer hardware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
surety
Social
Space
Startups
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
video
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
CarDekho SEA , a Singapore - based car financing service chopine , has raise $ 60 million in equity , valuing the company at over $ 300 million , from Navis Capital Partners and Dragon Fund . This is its first daily round of external funding , following a previous investment of $ 40 million from its parent fellowship , CarDekho Group .
The society , the Southeast Asia social unit ofIndia ’s CarDekho Group , will use the funding to indorse its further expansion into Southeast Asia , focus on the used car and bicycle financing industriousness in Indonesia and the used auto funding sector in the Philippines , Umang Kumar , cobalt - founder and president of CarDekho , said in an audience with TechCrunch .
Kumar enjoin TechCrunch that acquiring a used car funding weapons platform or insurance securities firm platform in Indonesia and the Philippines could be one of its strategies to increase their presence in the region .
“ We do have a yoke of asset draw up in terms of what we will reckon at . You may hear something along those production line within a month or two … we will actively count at acquiring action . The idea is not all organically built . So we will seem at some inorganic acquisition as we ramp up out our business across Southeast , ” Kumar aver .
Founded in 2020 , the company already has a substantial comportment in Indonesia ( OTO Indonesia ) and the Philippines ( Carmudi Philippinesand Zigwheels Philippines ) . It ’s also in a few other southeasterly Asian markets , such as Thailand , Singapore , Malaysia , and Vietnam , and is eyeing expansion into new grocery store in 2026 .
Kumar explicate that the company initially had a joint speculation partner in Indonesia but later bought out the local collaborator entirely , becoming the 100 % owner of the entity between 2019 and 2020 . The company ’s acquisition spree go on as it acquired Carmudi , which operates in the Philippines , Indonesia , and Thailand , in 2021 to blow up into SEA , Kumar explain .
Unlike its peers , CarDekho SEA acts as a comprehensive aggregator for automobile financing service . Its principal competitor used to be Moladin , which has now swivel to become a full - fledged loaner .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
CarDekho SEA highlight its edges , including its applied science - drive loan subroutine , asset - light marketplace approach with no credit jeopardy , an extensive connection of used automobile dealers and agent , and self-coloured coaction with financial institutions . CarDekho SEA will utilize AI and political machine learning solutions to reduce fraudulence and credit rating risks and provide more data to their funding collaborator to come through in a changing technical environment .
Since its launch , the company has experienced significant increase , with over 200,000 disbursal and over $ 1 billion in loan disbursed . This represents a 50x increase in gross ware economic value over the retiring three long time and establishing partnerships with over 50 financiers and 20,000 dealers and retail agentive role .
Its principal customers are diminished - scale used cable car dealers , with many have less than ten cars in blood line or no forcible showroom at all . “ Due to their sub - scale presence , financiers often happen it challenging to serve them like a shot , ” the CEO said . “ Our platform combine requirement from these individual dealers , connecting them to a broad meshing of financier and propose access to a potpourri of fiscal products for themselves and their client — mathematical product that were antecedently unprocurable to them . ”
The company is in the graduated table - up form , generating upwardly of $ 50 million in gross annually through per - loan commissions with the financiers .
