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CarDekho SEA, a Singapore-based auto financing platform, has raised $60 million in funding, putting the company at over $300 million, from Navis Capital Partners and Dragon Fund. This is its first round of foreign funding, following a previous investment of $40 million from its parent, CarDekho Group.
The company, the Southeast Asian division of India CarDekho GroupIt will use the money to support its expansion in Southeast Asia, focusing on used cars and motorcycles in Indonesia and a segment of used car revenue in the Philippines, Umang Kumar, founder and president of CarDekho, said in an interview. and TechCrunch.
Kumar told TechCrunch that establishing a used car finance or insurance platform in Indonesia and the Philippines would be one way to expand their presence in the region.
“We have a number of things that are related to what we’re going to see. You might hear something along those lines within a month or two…we’re going to look very quickly at getting jobs. The concept isn’t completely built. So we’re going to look at natural resources as we build our business in the southeast, said Kumar.
Founded in 2020, the company already has a large presence in Indonesia (OTO Indonesiaand the Philippines (Carmudi Philippines and Zigwheels Philippines). It is also present in other Southeast Asian markets, such as Thailand, Singapore, Malaysia, and Vietnam, and is looking to expand into new markets in 2026.
Kumar explained that the company initially had a joint venture in Indonesia but later bought a local partner completely, becoming the 100% owner of the organization between 2019 and 2020. The company’s acquisition continues as it acquired Carmudi, which operates in the Philippines. , Indonesia, and Thailand, in 2021 to grow in SEA, Kumar explained.
Unlike its peers, CarDekho SEO works as a full complement to car monetization projects. His main competitor was Moladin, who has now decided to become a full-fledged tenant.
CarDekho SEA highlights its strengths, including its technology-driven lending solutions, a credit risk-free marketplace, a large network of used car dealers, and strong partnerships with financial institutions. CarDekho SEA will use AI and machine learning techniques to reduce fraud and credit risk and provide more information to its financing partners to succeed in the technology revolution.
Since its inception, the company has grown exponentially, with over 200,000 returns and over $1 billion in loans issued. This represents a 50x increase in value over the past three years and established partnerships with more than 50 financiers and 20,000 dealers and sales assistants.
His main customers are small used car dealers, many of whom have fewer than ten cars or no showrooms. “Because of their limited presence, financial institutions often find it difficult to serve them directly,” said the CEO. “Our platform aggregates the demand from these sellers, connecting them to a wide range of financial institutions and providing them and their customers with opportunities to earn more money – things that were previously unavailable to them.”
The company is on a growth spurt, generating more than $50 million a year through loan commissions and lenders.
