carsome ceo eric cheng
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Southeast Asian integrated car e-commerce platform Carsome announced today (January 10) it has raised US$290 million in its Series E round today (Jan 10).

This raises the company’s valuation to approximately US$1.7 billion, up from US$1.3 billion in September 2021, when it raised US$200 million in its Series D2 round.

The latest financing round was jointly led by Qatar Investment Authority, 65 Equity Partners (65EP) and Seatown Private Capital Master Fund. Both 65EP and Seatown are backed by Temasek Holdings.

Other participating investors include Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile.

According to the company, this funding will be used to “accelerate investment in people, product, technology, data capability, infrastructure, and regional expansion of its retail brand, Carsome Certified, across key markets in Malaysia, Indonesia and Thailand.”

Founded in 2015, the used-car e-markeplace is dubbed the first Malaysia-based tech unicorn after it acquired iCar Asia in July 2021.

Singapore’s Carro has also crossed the US$1 billion valuation mark and both are racing to become the first regional used car marketplace to go public in the United States.

According to sources, Carsome is considering a US public listing this year, either via a special purpose acquisition company (SPAC) or a traditional IPO.

Featured Image Credit: Carsome

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