Southeast Asia’s largest car e-commerce platform&nbsp;<a href="https://www.carsome.my/">Carsome</a>&nbsp;is open to new funding from potential strategic investors, its co-founder and group CEO Eric Cheng told&nbsp;Reuters.

Cheng said the company is looking for strategic investors whose “businesses are able to add value to what we are doing, be it on car trading, financing or insurance.”

He told&nbsp;Reuters&nbsp;on the sidelines of the Forbes Global CEO Conference in Singapore. Last year, Carsome has won one of Malaysia’s first batch of digital bank licenses, as part of the consortium led by KAF Investment Bank. Cheng earlier told TNGlobal that the consortium plans to launch its digital bank&nbsp;<a href="https://technode.global/2023/05/30/kaf-carsome-consortium-targets-to-launch-digital-bank-as-early-as-year-end/">as early as year-end or early next year</a>.

Carsome is ready for an initial public offering (IPO) but is in no rush to list, Cheng told&nbsp;Reuters.

“We haven’t really set a right timeline or window,” he said, adding the company was also open to a dual-listing.

“We need exchanges that appreciate the business that we’re building,” he was quoted as saying. “We need that exchange to be able to also provide enough liquidity.”

Carsome was valued at $1.7 billion in its fund-raising round early last year, when it completed its $290 million Series E round. The financing round then was jointly led by Qatar Investment Authority (QIA), 65 Equity Partners (65EP) and Seatown Private Capital Master Fund (Seatown). The round also saw participation from investors such as Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile.

The Malaysia-headquartered unicorn has hit operational profitability in the first quarter of this year and is expected to achieve its first group-wide profit or break-even before year-end, Cheng reportedly said.

Carsome has become Malaysia’s first tech unicorn as part of a share-swap deal that take a stake in iCar Asia in July 2021.

Founded in 2015, Carsome has expanded into Indonesia, Thailand, Singapore and recently in the Philippines. It works with 20,000 dealers and has an average of 15 million monthly visitors across its platforms, according to its website.

In Southeast Asia, Carsome competes with Singapore-based Carro, Indonesia’s OLX Auto and Carousell Auto Group.

Carsome is said to be delaying its dual listing plans in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation,&nbsp;Bloomberg&nbsp;reported in June last year. The tech unicorn was expected to raise about $300-400 million at a valuation of about $2 billion for the IPO on NASDAQ, according to earlier reports then.

<h1>Malaysia's Unicorn CARSOME Open To New Funding, Open To Dual-Listing</h1>Southeast Asia’s largest car e-commerce platform&nbsp;<a href="https://www.carsome.my/">Carsome</a>&nbsp;is open to new funding from potential strategic investors, its co-founder and group CEO Eric Cheng told&nbsp;Reuters.Cheng said the company is looking for strategic investors whose “businesses are able to add value to what we are doing, be it on car trading, financing or insurance.”He told&nbsp;Reuters&nbsp;on the sidelines of the Forbes Global CEO Conference in Singapore. Last year, Carsome has won one of Malaysia’s first batch of digital bank licenses, as part of the consortium led by KAF Investment Bank. Cheng earlier told TNGlobal that the consortium plans to launch its digital bank&nbsp;<a href="https://technode.global/2023/05/30/kaf-carsome-consortium-targets-to-launch-digital-bank-as-early-as-year-end/">as early as year-end or early next year</a>.Carsome is ready for an initial public offering (IPO) but is in no rush to list, Cheng told&nbsp;Reuters.“We haven’t really set a right timeline or window,” he said, adding the company was also open to a dual-listing.“We need exchanges that appreciate the business that we’re building,” he was quoted as saying. “We need that exchange to be able to also provide enough liquidity.”Carsome was valued at $1.7 billion in its fund-raising round early last year, when it completed its $290 million Series E round. The financing round then was jointly led by Qatar Investment Authority (QIA), 65 Equity Partners (65EP) and Seatown Private Capital Master Fund (Seatown). The round also saw participation from investors such as Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile.The Malaysia-headquartered unicorn has hit operational profitability in the first quarter of this year and is expected to achieve its first group-wide profit or break-even before year-end, Cheng reportedly said.Carsome has become Malaysia’s first tech unicorn as part of a share-swap deal that take a stake in iCar Asia in July 2021.Founded in 2015, Carsome has expanded into Indonesia, Thailand, Singapore and recently in the Philippines. It works with 20,000 dealers and has an average of 15 million monthly visitors across its platforms, according to its website.In Southeast Asia, Carsome competes with Singapore-based Carro, Indonesia’s OLX Auto and Carousell Auto Group.Carsome is said to be delaying its dual listing plans in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation,&nbsp;Bloomberg&nbsp;reported in June last year. The tech unicorn was expected to raise about $300-400 million at a valuation of about $2 billion for the IPO on NASDAQ, according to earlier reports then.CARSOME is Southeast Asia’s largest integrated car e-commerce platform, with presence in Malaysia, Indonesia, Thailand and Singapore.+603-2771-7048
partnership@carsome.my

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Malaysia's Unicorn CARSOME Open To New Funding, Open To Dual-Listing

Buying a car can often be a daunting and time-consuming process, with waiting periods stretching for months, or even a year.

Malay Mail Online reported that a major contributing factor to the extended car waiting period in Malaysia is the global scarcity of crucial components, including microchips. This shortage has resulted in a significant backlog of new vehicle deliveries within the country.

Addressing this issue, CARSOME has emerged as a game-changer, offering faster car delivery and a hassle-free car buying experience.

CARSOME sets itself apart from traditional dealerships by providing swift delivery, often within a week, eliminating the long waiting periods that customers typically experience.

Their key advantage is the availability of all CARSOME cars in stock.

As such, customers no longer have to endure the uncertainty of long waiting periods when buying a new car; they can drive away with their chosen car promptly (depending on the financing process).

CARSOME also offers customers a convenient car buying experience by assisting with paperwork, loan approval, and providing a fixed price with no hidden fees.

Additionally, the company provides a five-day money-back guarantee and one-year warranty, providing a worry-free purchase for their customers.

According to the #CARSOMEpilihanku video released by the company, 323,869 individuals have chosen CARSOME to buy and sell their cars.

Other data shows that 16,908 customers have successfully purchased cars from CARSOME – with a remarkable 5,365 individuals recommending the company on Facebook.

These numbers bear testimony to the trust and satisfaction that customers have placed in CARSOME.

CARSOME ensures that every CARSOME Certified car undergoes a rigorous inspection and refurbishment process, ensuring that customers receive quality assured vehicles.

As added assurance, the company recently launched CARSOME Service Centers to provide convenience, quality, and value in car maintenance and services.

Whether you are a first-time car buyer or this is a second or third car purchase, the transparent and fuss-free buying process provided by CARSOME takes away the stress, allowing customers to focus on enjoying their newfound freedom on the road.

Customers can opt to collect their car at a CARSOME Experience Center or choose the convenience of home delivery. CARSOME ensures a seamless experience from start to finish.

In conjunction with the #CARSOMEpilihanku campaign, the company is offering prizes worth up to RM38,000 when customers buy or sell a car with CARSOME and leave a review on their official Facebook or Google My Business page.

This promotion is valid from June 15 to Aug 15 only. So, book a test drive on&nbsp;<a href="https://www.carsome.my/ms/beli-kereta-terpakai?utm_source=free_malaysia_today&amp;utm_medium=advertorial&amp;utm_campaign=my-b2c-ms-branding-carsomepilihanku&amp;utm_content=content_advertorial&amp;utm_term=buy_car" target="_blank">CARSOME</a>&nbsp;today or download the&nbsp;<a href="https://news.carsome.com/mobile-app-download?rq=app%20download&amp;utm_source=free_malaysia_today&amp;utm_medium=advertorial&amp;utm_campaign=my-b2c-ms-branding-carsomepilihanku&amp;utm_content=content_advertorial&amp;utm_term=download_app" target="_blank">CARSOME app</a>.

<h1>CARSOME offers faster car delivery, eliminating lengthy waiting periods</h1>The company remains dedicated to providing customers with a trusted and convenient car buying experience through CARSOME Certified.Buying a car can often be a daunting and time-consuming process, with waiting periods stretching for months, or even a year.Malay Mail Online reported that a major contributing factor to the extended car waiting period in Malaysia is the global scarcity of crucial components, including microchips. This shortage has resulted in a significant backlog of new vehicle deliveries within the country.Addressing this issue, CARSOME has emerged as a game-changer, offering faster car delivery and a hassle-free car buying experience.CARSOME sets itself apart from traditional dealerships by providing swift delivery, often within a week, eliminating the long waiting periods that customers typically experience.Their key advantage is the availability of all CARSOME cars in stock.As such, customers no longer have to endure the uncertainty of long waiting periods when buying a new car; they can drive away with their chosen car promptly (depending on the financing process).CARSOME also offers customers a convenient car buying experience by assisting with paperwork, loan approval, and providing a fixed price with no hidden fees.Additionally, the company provides a five-day money-back guarantee and one-year warranty, providing a worry-free purchase for their customers.According to the #CARSOMEpilihanku video released by the company, 323,869 individuals have chosen CARSOME to buy and sell their cars.Other data shows that 16,908 customers have successfully purchased cars from CARSOME – with a remarkable 5,365 individuals recommending the company on Facebook.These numbers bear testimony to the trust and satisfaction that customers have placed in CARSOME.CARSOME ensures that every CARSOME Certified car undergoes a rigorous inspection and refurbishment process, ensuring that customers receive quality assured vehicles.As added assurance, the company recently launched CARSOME Service Centers to provide convenience, quality, and value in car maintenance and services.Whether you are a first-time car buyer or this is a second or third car purchase, the transparent and fuss-free buying process provided by CARSOME takes away the stress, allowing customers to focus on enjoying their newfound freedom on the road.Customers can opt to collect their car at a CARSOME Experience Center or choose the convenience of home delivery. CARSOME ensures a seamless experience from start to finish.In conjunction with the #CARSOMEpilihanku campaign, the company is offering prizes worth up to RM38,000 when customers buy or sell a car with CARSOME and leave a review on their official Facebook or Google My Business page.This promotion is valid from June 15 to Aug 15 only. So, book a test drive on&nbsp;<a href="https://www.carsome.my/ms/beli-kereta-terpakai?utm_source=free_malaysia_today&amp;utm_medium=advertorial&amp;utm_campaign=my-b2c-ms-branding-carsomepilihanku&amp;utm_content=content_advertorial&amp;utm_term=buy_car" target="_blank">CARSOME</a>&nbsp;today or download the&nbsp;<a href="https://news.carsome.com/mobile-app-download?rq=app%20download&amp;utm_source=free_malaysia_today&amp;utm_medium=advertorial&amp;utm_campaign=my-b2c-ms-branding-carsomepilihanku&amp;utm_content=content_advertorial&amp;utm_term=download_app" target="_blank">CARSOME app</a>.CARSOME adalah platform e-dagang automotif terbesar di Asia Tenggara. Berada di Malaysia, Indonesia, Thailand dan Singapore, matlamat kami adalah untuk mendigitalisasikan industri kereta terpakai di rantau ini dengan memberi pengalaman yang terbaik dalam proses jual dan beli kereta.CARSOME HQ

Level 9, KYM Tower, No 8, Jalan PJU 7/6, Mutiara Damansara, 47800 Petaling Jaya, Selangor, Malaysia

+603-2330-1515

Automotive / Automotive Supplies

The company remains dedicated to providing customers with a trusted and convenient car buying experience through CARSOME Certified.

CARSOME offers faster car delivery, eliminating lengthy waiting periods

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CARSOME is Southeast Asia’s largest integrated car e-commerce platform, with presence in Malaysia, Indonesia, Thailand and Singapore.

CARSOME Malaysia