Carsome is now one of the most valuable startups in Malaysia

Malaysia-based automotive tech startup Carsome has recently reached a valuable milestone in its development. The company attained a valuation of US$1.3 billion after its latest financing round, where chipmaker MediaTek and other leading investors took part. This makes Carsome one of Malaysia’s most valuable startups and proves that the Malaysian tech scene is ready to take the plunge into global markets.

Overview of Carsome

Carsome is a tech startup based in Malaysia. It has recently achieved a milestone by reaching a valuation of $1.3 billion (USD) through its latest funding round led by MediaTek and several other investors. Founded in 2015, Carsome provides a marketplace for people to conveniently buy and sell cars with transparency and trust. In addition, the platform offers doorstep services, multiple car-buying options, expert advice and more across Southeast Asia.

Since inception, Carsome has raised over $167 million backed by investors such as Insignia Ventures Partners, PTT Digital Ventures and BB Capital Group. In addition to its Tier-1 Venture Capital firms, Carsome has received support from major government agencies like Malaysian Global Innovation & Creativity Centre (MaGIC) and Malaysia Digital Economy Corporation (MDEC).

Today, the company operates in seven countries covering Singapore, Thailand, Vietnam, Indonesia, and more recently the Philippines – making it one of Southeast Asia’s largest used car trading platforms. With its recent funding round from MediaTek and others, Carsome is poised for further growth as it looks to provide more value to stakeholders within an evolving digital landscape across Asia Pacific.

Overview of MediaTek

MediaTek Inc. is a Singapore-based multinational semiconductor company and one of the world’s leading producers of integrated circuits in computer networking and communications products, hand-held devices such as media players, and digital television systems. Founded in 1997 by CEO Tsai Ming-Kai, MediaTek has become the world’s fourth largest IC designer in revenue. It produces audio/video processors, network processors, wireless communication system on chips (SoCs), power management ICs, GPS navigation chip solutions, monolithic/multichip modules for WiMAX, and other consumer products electronics segment.

MediaTek has made significant investments in numerous automobile companies including Malaysia’s Carsome, which recently announced its $1.3 billion valuation after raising funds from the company and private investors. With the backing of this major player in the industry and its comprehensive list of automotive partners worldwide, Carsome is well placed to expand their services throughout Southeast Asia and beyond over time.

Malaysia’s Carsome Reaches $1.3 Billion Valuation In Funding Round From MediaTek And Others

Carsome, a Malaysia-based used car trading platform has recently reached a $1.3 billion valuation in its latest funding round, after receiving investments from MediaTek and other companies.

This latest funding round has sent shock waves in Malaysia’s startup industry as Carsome becomes one of the most highly valued startups in the country.

Let’s examine the funding round and the reasons behind Carsome’s success.

Details of the funding round

Carsome, one of the most valuable startups in Malaysia, recently raised a funding round led by MediaTek Ventures. According to an announcement today, the company reached a post-money valuation of US$1.3 billion (RM5.57 billion). Other investors participating in this round include SPI Group, Gobi Partners, SIRI Ventures, AIQ Seed and individual backers Jeevan Gopalasamy, Jonathan Lain and Kenneth Cheung.

In addition to its impressive valuation from this funding round, Carsome is Malaysia’s first B2B e-commerce platform that enables sellers to trade their used cars online directly with dealers. Furthermore, the startup provides complete coverage including inspection services, digital documentation and search assistance for potential buyers.

This new financing round will be used to further expand Carsome’s services across Southeast Asia’s rapidly growing automotive market and continue attracting more buyers and sellers to its online marketplace. As part of these plans, the company will offer enhanced finishings on detailed data points such as time duration ownership analysis and build additional software solutions for dealers on the platform. The investment will also help bolster Carsome’s presence in countries outside its home base of Malaysia including Indonesia, Vietnam and Thailand where it expanded last year after raising $50 million from Chinese venture capital firm GGV Capital in 2018.

Untitled design (61)

Impact of the funding round

This funding round marks an important milestone for the company as it has become one of Malaysia’s most valuable startups. This new evaluation brings Carsome’s total funding up to US$84 million, enabling it to further expand its services throughout Southeast Asia.

The funding received from MediaTek and some other investors will help Carsome accelerate its product development and drive growth in two main areas. Firstly, physical retail optimization enables customers to have a better experience when visiting showrooms. This can be done by using 3D visualization technologies and giving customers a complete picture of the Car they wish to buy so they can make an informed decision. Secondly, by investing in its digital marketing capabilities that increase market penetration, retention rate and average order value (AOV).

Carsome’s recent funding round signifies a large potential for growth within Southeast Asia’s online and offline automotive industry. The funds will help Carsome continue driving shifts towards digitalisation while ensuring exceptional consumer experiences at every stage of the journey—from discovery, research, negotiations to purchase itself. This investment also serves as recognition of innovation in carsales within this dynamic world region with all its associated growth opportunities.

Carsome’s Future Plans

Carsome, Malaysia’s leading automotive marketplace, has recently achieved a major milestone in securing a $1.3 billion funding round from MediaTek and other investors. The funding round has placed Carsome among Malaysia’s most valuable tech startups, with the potential to expand even further. With this new capital, Carsome has set its sights on ambitious plans.

We’ll now go into detail about what Carsome has planned for the future.

Expansion plans

Carsome, a Malaysian online car trading platform, recently secured a funding round that values the company at US$1.3 billion. The leading online portal for car sellers and buyers, Carsome has become one of Malaysia’s most valuable startups and is currently backed by investors such as MediaTek, Kwang Tan Venture Capital, Insignia Ventures Partners and Mitsubishi Corporation.

As part of the company’s continued growth strategy and following its recent funding round, Carsome will be looking to expand into two new markets – Thailand and Vietnam – in 2021. This expansion plan is part of the company’s mission to change how cars are bought and sold around South East Asia.

Carsome plans to use its resources to develop two independently operated businesses with tailored solutions specific to each market. To facilitate this expansion process, Carsome has announced that it will be partnering up with local players in each market for sourcing channels and leveraging existing networks for inventory selection and marketing expertise among others.

The company also plans to build its own technology platform alongside these partners, allowing an even more efficient proposition for Southeast Asian customers seeking reliable auto trades in the form of trustworthiness, affordability and convenience while conducting their business transactions online. Altogether this signifies an immense leap forward in customer experience while adhering to local regulations within Thailand and Vietnam.

Untitled design (62)

Partnerships

Carsome has been on an amazing growth trajectory since it was founded in 2015 and today is one of the most valuable startups in Malaysia. The company specializes in providing stress-free transactions for car sales, trade-in, and consignment. Through their unique platform and team strength, Carsome has reached a $1.3 billion valuation in their latest funding round from MediaTek Ventures and others.

Carsome’s plans include furthering partnerships with automakers and banks to expand its services beyond selling cars alone. The team sees a huge opportunity in Malaysia’s car trade industry and plans to leverage it through its strategic partnerships. Together with car companies, they aim to offer new services such as car care packages and warranties, financing options, digital advertising opportunities based on customer profile data analysis, and other value-added services for car buyers in Malaysia. In addition, the company hopes to increase customer trust by delivering reliable support services through their technological solutions such as virtual showrooms or online pickup scheduling systems.

Impact on the Malaysian Startup Ecosystem

Malaysia’s Carsome recently reached a valuation of 1.3 billion USD in its latest funding round, making it one of the most valuable startups in Malaysia. This news is a testament to the potential of startups in the country and can positively impact the Malaysian startup ecosystem.

In this article, we’ll explore the potential effects of this news.

Increased investment

The success of Malaysia’s Carsome as one of the most valuable startups in the region has propounded a wave of increased investment in other startups such as boot, ioi Properties Group and more, who have sought and received capital injections from investors. This positive performance has contributed to an overall improvement in the Malaysian startup ecosystem—propelled by increased funding and investments opportunities—as well as a heightened interest among local and international investors.

International companies like MediaTek, alongside other institutional investors have injected fresh funds into the Malaysian startup marketplace, enabling these companies to expand their research capabilities while preparing them for potential international expansion. Through this injection of capital, businesses across healthcare, education, and civil transportation sectors have seen greater autonomy in their operations. Furthermore, local startups have been able to leverage collaborations with offshoot sectors for their development; for instance, expertise from larger tech players including artificial intelligence (AI), machine learning (ML) and 5G networks can all be utilized by the country’s smaller businesses.

Growing venture capital firms are a major factor driving additional investments into Malaysia’s domestic startup field. In addition, these firms provide early-stage financing opportunities enabling emerging businesses to grow quickly and raise funds or exit strategies later on. Hence overall, Carsome’s successful valuation has immensely impacted both investments and economic growth within Malaysia’s startup ecosystem; this trend is expected to continue over time with potentially even more enthusiastic participation from external investors.

Untitled design (63)

More opportunities for startups

The recent news of Carsome – one of the most valuable Malaysian startups – reaching a $1.3 billion valuation in its latest funding round highlights the potential growth opportunities for tech startups in Malaysia. In addition, the participation of MediaTek and other international investors is a huge vote of confidence for the Malaysian startup ecosystem and has kicked off an exciting era for promising local business initiatives.

Innovative entrepreneurs have seen the rise of several success stories across different industries, indicating that Malaysia is an attractive destination for investors and incubators who are determined to be part of Malaysia’s efforts to become a regional leader in technological advances. Moreover, with more tech-based companies emerging, talented employees will also gain more career opportunities as they can apply their skills to impactful businesses.

With investor confidence reaching new heights, the Malaysian startup ecosystem is poised to take on bigger challenges and reap greater rewards over coming years. Governments at all levels need to continue providing backing by creating policies that encourage innovation instead of stifling it. This will ensure new startups in Malaysia are given every opportunity to succeed while allowing existing ones to remain reliable engines of growth which draws more investments and boosts economic transformation.

Conclusion

Carsome, a Malaysian automotive online marketplace and mobile app, has achieved a new milestone after raising $92 million in a Series C funding round led by Taiwanese semiconductor firm MediaTek. With this new round, Carsome’s valuation has reached $1.3 billion, making it one of the most valuable unicorns in Southeast Asia.

This capital infusion will boost the company’s growth ambitions as it expands its presence into other regional countries. MediaTek joins existing investors including ERGO-backed Hana Financial Investment, Openspace Ventures, SSM Invest and YF Capital.

The Series C funding is just the latest for Carsome since it was launched in 2015. Earlier this year, it raised $50 million in a Series B round led by Hana Financial Investment. This marked the first significant step outside Malaysia for Carsome as it expands regionally.

The success of Carsome serves as a testament to its mission – to revolutionize vehicle trading and ownership through technology, data and analytics – that have made this startup such an attractive proposition for investors both locally and internationally.

Scroll to Top