Carsome, positioning itself as the leading online marketplace for pre-owned vehicles in Southeast Asia, has revealed the successful completion of a $30 million Series D funding round. This investment was spearheaded by Asia Partners, with further contributions from existing investors Burda Principal Investments and Ondine Capital.

The company characterized this financing as one of the most substantial exclusively equity-based investments seen to date within the region’s online automotive sector. A portion of these funds may be allocated towards strategic mergers and acquisitions aimed at strengthening and streamlining the company’s vehicle sourcing network.

Established five years ago in Malaysia, Carsome’s platform caters to both individual-to-individual (C2C) and business-to-consumer (B2C) transactions, prioritizing vehicle quality through comprehensive inspections prior to listing. Currently employing 1,000 individuals, Carsome reports facilitating the sale of 70,000 vehicles annually, representing a total transaction value of $600 million.

According to a recent announcement from co-founder and Group CEO Eric Cheng, the company—which now extends its operations to Indonesia, Thailand, and Singapore—has experienced a doubling of its monthly revenue in the last six months when contrasted with figures recorded before the pandemic. Carsome attributes this growth, in part, to an increased preference among individuals and businesses for personal vehicle ownership due to safety concerns.

Recent data from Counterpoint Research indicates that while new car sales have significantly declined globally, the used car market, particularly those operating through online platforms, is demonstrating a faster rate of recovery. This trend is largely driven by a desire to minimize reliance on public transit and ride-sharing services, coupled with a demand for more affordable transportation solutions.

Additional used car platforms operating within Southeast Asia encompass Carro, OLX Autos (previously known as BeliMobilGue), and Carmudi.