What is Carsome? Carsome Review

Business Model

Carsome currently adopts the C2B model, that is, car owners (sellers) sell their cars to used car dealers through Carsome's platform.

Profit Model

The first is the difference in income from the sale of inventory vehicles;

The second is the income from transaction fees on the platform;

The third is the additional income from financial products, such as the provision of supply chain finance to dealers and car loans to consumers (the risk of car loans will be borne by the lending financial institution).

Financing

In August 2015, it received US$350,000 in seed round financing.

In March 2016, it received US$2 million in Series A funding led by IdeaRiverRun.

On June 6, 2017, Malaysia's used car platform Carsome announced that it had received a US$6 million Series B financing round, led by Gobi Partners, with participation from Lumia Capital, Innoven, and well-known startup incubators 500 Startups and Spiral Ventures, which had previously invested in the company.

In March 2018, Malaysia's used car platform Carsome completed a $19 million Series B+ round of financing, led by Burda Principal Investments, followed by Lumia Capital, InnoVen Capital and Gobi Ventures. It is understood that Carsome has received a total of $27.4 million in financing.

In December 2019, Southeast Asian used car trading platform Carsome announced that it had completed a US$50 million Series C financing. Investors in this round of financing include MUFG Innovation Partners (MUIP), a wholly-owned subsidiary of Mitsubishi UFJ Financial Group Co., Ltd. (MUFG), Daiwa PI Partners, the private equity arm of Daiwa Securities Group, US venture capital firm Endeavor Catalyst, Chinese investment firm Ondine Capital and other new investors, as well as existing investors Gobi Partners and Convergence Ventures from Indonesia.

References

• 1. Exclusive interview with Carsome丨The potential and pain points of the Southeast Asian used car market: Sohu [cited on 2020-03-15T16:00:00.000Z]
• 2. Carsome, the "Southeast Asian version of Guazi used car", completes US$50 million in Series C financing: 36kr [cited on 2019-12-10T16:00:00.000Z]
• 3. Carsome raises $50 million: Is the used car market in Southeast Asia taking off? : Sohu [cited on 2019-12-10T16:00:00.000Z]