- The funding round was led by Intudo Ventures
- Enables consumers to sell their cars to a private network of qualified buyers
INDONESIAN online transactional marketplace for used cars BeliMobilGue.co.id on Jan 23 announced the closing of a US$3.7 million (RM14.56 million) Series Pre-A round of financing led by Intudo Ventures.
A cohort of investors including global venture capital/corporate investors, Go-Jek co-founder Michaelangelo Moran and several Indonesian family offices also participated in the round.
BeliMobilGue.co.id will use the proceeds from the financing to expand its physical network, enhance sales and marketing efforts, and hire new staff.
“The Indonesian auto market has grown rapidly over the past decade, which has led to the creation of a thriving used car market. Through our marketplace, customers are able to receive higher returns on their used car than traditional methods.
“With the support of Frontier Car Group, Intudo Ventures and our talented and passionate team, we will be able to make used car sales safer and more convenient for Indonesian consumers,” said Rolf X Monteiro, co-founder and CEO of BeliMobilGue.co.id.
Launched in April 2017, BeliMobilGue.co.id is an Indonesian online marketplace that enables consumers to sell their cars to a large private network of thousands of qualified buyers.
BeliMobilGue.co.id provides consumers with a safe and hassle-free car inspection and transaction process, lasting typically one hour from start to finish and at zero cost to the consumer.
With its team of inspectors, BeliMobilGue.co.id conducts a 300-point inspection on each used car and uploads the inspection report onto its sales app.
Through the company’s sales app, qualified buyers are able to make an offer on the car via app while viewing competing offers, thereby maximising the selling price for the consumer and offering a convenient channel for buyers to acquire thoroughly inspected used cars.
The consumer will decide whether or not to finalise the purchase process.
Upon successful completion, BeliMobilGue.co.id receives a share of the transaction from the purchaser and holds the car at a company distribution centre for pick up.
BeliMobilGue.co.id is the Southeast Asian joint venture between Berlin-based Frontier Car Group, a platform specialising in used-automotive marketplaces within emerging market economies; and Intudo Ventures, an Indonesia-focused independent venture capital firm.
Frontier Car Group was co-founded in 2016 by Sujay Tyle, Peter Lindholm, and Andre Kussmann and is backed by Balderton Capital and TPG/Satya.
“BeliMobilGue.co.id represents a unique model of collaboration between international resources and local expertise. As a joint venture between overseas breakout company Frontier Car Group and our firm Intudo Ventures, BeliMobilGue.co.id is able to scale rapidly in the Indonesian market and additional neighbouring markets by leveraging global and local best practices, leading online/offline distribution partners and a best-in-class management team,” remarked Patrick Yip, founding partner at Intudo Ventures.
“FCG views the opportunity to help facilitate selling and purchasing of used vehicles in Southeast Asia, starting with Indonesia, as enormous. Several island-based nations, large populations, and high mobile penetration makes the region unique and ripe for such a model to succeed.
“Our early metrics are a validation of this. We are thrilled to partner with Intudo Ventures on this venture and are excited to continue growing across Indonesia and surrounding nations,” said Sujay Tyle, co-founder and CEO of Frontier Car Group.
The company is focused initially on securing the Greater Jakarta Region market, where over 58% of all cars in Indonesia are located. With demand exceeding supply of cars in the market, used cars are highly sought after.
BeliMobilGue.co.id estimates that over 3.5 million used cars are transacted each year in Indonesia and expects this figure to continue to grow with the rise of car ownership.
With the proceeds from this round of financing, BeliMobilGue.co.id will expand its physical store network across the Greater Jakarta Region, country-wide and additional neighbouring markets, enhance consumer outreach and market education efforts, and bring on new staff to facilitate growth.