MONITORING REPORT ISB: Carmudi, a leading car classified site backed by Rocket Internet, has raised $25 million to strengthen its operations in Asia and Latin America. Investors include Asia Pacific Internet Group (APACIG), a joint venture of Rocket Internet and Ooredoo, Holtzbrinck Ventures, Tengelmann Ventures, and a division of international multi-sector retailer Tengelmann Group.
Launched in October 2013, Carmudi has rapidly scaled up to 20 countries, seven of which are in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Vietnam) and one in Latin America (Mexico). The platform is known to provide the most innovative and fastest way to buy and sell cars, motorcycles and commercial vehicles online.
The announcement of this funding comes at a time when the company is experiencing a remarkable growth of over 50 per cent in all its markets and has authentic listings of over 300,000 vehicles for its users globally.
“This funding will be crucial in boosting our operations in Asia and Latin America. There are over 300 million active internet users that we are aiming to tap into in these markets,” said Carmudi Co-Founder and Global Managing Director Stefan Haubold.
With its new features, Carmudi is making the selling and buying process much simpler for experts and novices alike.