Navis Capital and Dragon Fund Lead USD 60 Mn Investment in CarDekho SEA With the fresh funds, CarDekho SEA aims to enhance used vehicle financing, refinancing, and classifieds, focusing on Indonesia and the Philippines, while expanding inventory funding, auto insurance, warranties, and EV financing capabilities.
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CarDekho SEA, the Southeast Asian subsidiary of CarDekho Group, has secured USD 60 million in its first external funding round, led by Navis Capital Partners and Dragon Fund. This round brings the company's cumulative funding to over USD 100 million.
The newly raised capital will bolster CarDekho SEA's capabilities in used car and bike financing, refinancing, and classifieds, with a particular focus on Indonesia and the Philippines.
The funds will also support inventory funding for distribution partners and fuel growth in complementary sectors, including auto insurance, extended warranties, and electric vehicle financing.
"With this financing round, we are proud to partner with Navis and Dragon Fund as we work towards redefining the auto financial services landscape in Southeast Asia," said Umang Kumar, Co-founder and CEO of CarDekho SEA. He added, "This investment validates our progress in Indonesia and empowers us to accelerate our expansion to become the region's largest auto financial services marketplace."
Founded in 2020 and headquartered in Singapore, CarDekho SEA operates in Indonesia, the Philippines, Malaysia, Thailand, and Vietnam.
The platform offers services such as used car financing, dealer inventory funding, and vehicle classifieds. Through its brands, including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines, CarDekho SEA claims to have disbursed over 200,000 loans, achieving a gross merchandise value (GMV) of over USD 1 billion.
The company claims a 50x growth over three years, with monthly online traffic surpassing 5 million visits in Indonesia and 2 million in the Philippines. In Indonesia, CarDekho SEA commands a 3% market share in used auto financing, collaborating with over 40 financiers and 20,000 dealers.
CarDekho Group, established in 2008, boasts a robust portfolio of insurtech and fintech brands, including InsuranceDekho and Rupyy. The group generates an annual auto financial services GMV of USD 2 billion, insurance GMV of USD 500 million, and a revenue run rate of USD 400 million.
With this funding, CarDekho SEA aims to solidify its position as Southeast Asia's leading auto financial marketplace, driving innovation and expanding its footprint across the region.
