Malaysia-headquartered integrated car e-commerce unicorn Carsome Group has completed the purchase of automotive platform iCar Asia’s remaining 80.1 per cent stake from the Catcha Group and other shareholders.
The deal value has not been disclosed. However, the total transaction is estimated to be worth more than US$200 million, as noted in a previous statement when Carsome bought 19.9 per cent of Australian Securities Exchange-listed iCar Asia in July 2021.
With this, Carsome and iCar Asia will expand a suite of digital products and services that enable an end-to-end, super-app experience for more used car dealers and consumers.
Founded in 2015 by CEO Eric Cheng and Teoh Jiun Ee, Carsome aims to enhance the car buying and selling experience through end-to-end solutions — from car inspection, ownership transfer, financing, insurance to after-sales services.
Also read: 25 notable startups in Malaysia that have taken off in 2021
Since its inception, Carsome has made inroads into Indonesia, Thailand and Singapore, besides Malaysia.
The Southeast Asia automobiles trading value reached an estimated US$55 billion annually, according to Momentum Works Southeast Asia Used Cars Report 2020.
Last year, Carsome acquired an all-equity stake in Universal Collection, a Jakarta-based car and motorcycle auction service.
In January, Carsome secured US$290 million in a Series E financing round, bringing its valuation to approximately US$1.7 billion. Reuters hinted that Carsome’s profitability on an operational level is set to be realised in 2022.
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Image Credit: Carsome
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