Carmudi gathers USD 25M to strengthen operations in Asia and Latin America

Carmudi, a leading car classified site, announced that they have managed to raise USD 25 million to strengthen and improve its operations in Asia and Latin America. Among the key stakeholders are Asia Pacific Internet Group (APACIG), Holtzbrinck Ventures, Tengelmann Ventures, and a private investor.

Started as an online platform to provide a reliable and fast way to buy and sell automotive produce 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).

Stefan Haubold - Global Co-Founder and Managing Director (1)
Carmudi Global Co-Founder and Managing Director, Stefan Haubold

 

Carmudi Co-Founder and Global Managing Director Stefan Haubold said: “This funding will be crucial in boosting our operations in Asia and Latin America. Our goal is to be the No.1 car classified platform in all our markets. There are over 300 million active internet users that we are aiming to tap into in these markets. We want to make sure that we bring them the best experience of car shopping on their laptops and mobile phones.”

The new round of investment shows of the support and confidence investors have in Carmudi’s business model. Koen Thijssen, co-CEO of APACIG stated, “We invest in companies where we see high potential for growth and expansion. We are sure that Carmudi will be able to conquer its markets very soon.”

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