Carmudi, a car classified site backed by Rocket Internet, has raised $25 million to strengthen its operations in Asia and Latin America.
Investors include Asia Pacific Internet Group (APACIG), a joint venture of Germany’s Rocket Internet and Qatar’s Ooredoo, Holtzbrinck Ventures, a consumer internet investor, Tengelmann Ventures, a division of international multi-sector retailer Tengelmann Group, and a private investor.
Launched in October 2013, Carmudi has 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). The platform allows users to buy and sell cars, motorcycles and commercial vehicles online.
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.”
Koen Thijssen, co-CEO of APACIG, said, “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.”