Rocket Internet’s Carmudi gets US$10mil funding for Asia ops

  • Claims total listings growing 200% per month
  • To soon reach 100,000 car listings globally
Rocket Internet’s Carmudi gets US$10mil funding for Asia ops

ROCKET Internet-backed online car classified startup Carmudi said it has secured about US$10 million in funding from a range of investors including Tengelmann Ventures, the investment arm of retail giant Tengelmann Group.
Tengelmann Ventures has also backed other Rocket Internet ventures, including its property portal Lamudi, and e-commerce sites Zalora and Lazada.
Carmudi is an online car classified listings platform that currently operates in 11 countries, including four in South-East Asia (Indonesia, Myanmar, the Philippines and Vietnam, as well as Bangladesh and Pakistan.
The platform provides an online solution for sellers, buyers and car dealers to find or sell their cars, motorcycles or commercial vehicles online, Carmudi said in a statement. The new funds will be invested in its Asian operations, it added.
Carmudi claims that it is growing at a rate of 200% per month, and would soon reach 100,000 car listings globally.
“Carmudi is growing at a remarkable pace. We are actually driving in the fast lane and making rapid headway in all our markets,” said cofounder and global managing director Stefan Haubold.
“The funding will help us drive our growth even further, enabling us to become the No 1 online vehicle marketplace in Asia. Eventually, I envision Carmudi to be a one-stop shop for all car-related topics, be it car reviews, news, tips or simple advice,” he added.
Carmudi was founded in 2013 and is also currently available in the United in United Arab Emirates, Cameroon, Ghana, Mexico and Nigeria.
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