CarDekho SEA Raises $60M in Landmark Funding Round
Singapore-based CarDekho SEA, a leading auto financing platform, has secured $60 million in equity funding from Navis Capital Partners and Dragon Fund. This marks the company’s first external investment, valuing it at over $300 million. The funding follows a previous $40 million infusion from its parent company, India’s CarDekho Group.
Expansion Plans and Strategic Acquisitions
According to Umang Kumar, Co-founder and President of CarDekho, the capital will fuel expansion across Southeast Asia, with a focus on:
- Indonesia’s used car and bike financing market
- Philippines’ used auto financing sector
Kumar revealed that acquisitions are a key part of their growth strategy:
“We have assets lined up and may announce deals within months. Inorganic growth will complement our organic expansion in Southeast Asia.”
Market Presence and Growth Trajectory
Launched in 2020, CarDekho SEA already operates in:
- Indonesia (via OTO Indonesia)
- Philippines (through Carmudi Philippines and Zigwheels Philippines)
- Thailand, Singapore, Malaysia, and Vietnam
The company plans to enter new markets by 2026. Notably, it transitioned to full ownership of its Indonesian joint venture between 2019-2020 and acquired Carmudi in 2021 to strengthen its regional footprint.
Competitive Edge and Business Model
Unlike compe*****s like Moladin (now a full lender), CarDekho SEA operates as an asset-light marketplace aggregator, offering:
- Tech-driven loan processing
- Zero credit risk exposure
- AI/ML solutions to mitigate fraud
- Extensive dealer-financier network
Key Performance Metrics
- $1B+ in loans disbursed
- 200,000+ transactions completed
- 50x growth in GMV over 3 years
- 50+ financiers and 20,000+ dealers partnered
Serving Underserved Markets
The platform primarily serves small-scale used car dealers, many with:
- Fewer than 10 vehicles in inventory
- No physical showrooms
Kumar explained:
“We aggregate demand from these dealers, connecting them to financiers and financial products they couldn’t access independently.”
Financial Outlook
Currently in its scale-up phase, CarDekho SEA generates $50M+ annually through per-loan commissions, positioning it for continued regional dominance in auto financing.
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