Malaysia's Carsome raises 170 million USD in the latest funding round
Southeast Asian used-car marketplace Carsome Group said it has raised 170 million USD in a funding round from investors, including China's Taiwanese chipmaker MediaTek, cementing its position as Malaysia’s largest tech unicorn, valued at 1.3 billion USD.
Illustrative image (Photo: TheStar)The valuation comes as Southeast Asian startups are attracting strong interest from regional and global funds, driven by robust growth rates, as investors take bets on post-pandemic plays here.
Co-founder and chief executive, Eric Cheng said Carsome, which also operates in Indonesia, Thailand and Singapore, has been ramping up its retail centres and expanding its offerings, which include a five-day refund policy and a one-year warranty.
Carsome is looking to almost treble its revenue to nearly 1 billion USD this year from last year and expects to turn profitable on an operating level in 2022, its chief financial officer Juliet Zhu said.
It had raised a total of more than 100 million USD in its previous funding rounds.
Zhu said Carsome is considering listing in the US within the next 12 months and is in talks with sponsors of blank check companies./.
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