Malaysia’s unicorn hopeful, Carsome has managed to close another round of funding bringing the group’s liquidity position to
approximately US$200 million.
The funding came from its existing investors which include 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, and Asia Partners. It also attracted a long-term debt facility from a new investor, EvolutionX Debt Capital, a growth-stage debt financing platform that provides an alternative source of financing to technology companies in Asia.
In 2022, the Group’s revenue grew 250% to US$1.5 billion, with the newly established regional retail line CARSOME Certified contributing 35% of total revenue. In Q1 2023, CARSOME hit an operational profitability milestone for the first time on the back of significant growth in trade margin, which doubled compared to the same period last year. Notably, more than 80% of the trade margin came from transaction margins, leaving a huge potential upside for ancillary revenue, especially given its increasing focus on ecosystem offerings, including Financing, Insurance, and Aftersales.
