Carmudi Raises $10M in Funding

Carmudi, a Jakarta, Indonesia-based online car cars seller in emerging markets, raised $10m in funding.

Backers included Holtzbrinck Ventures, Tengelmann Ventures and Asia Pacific Internet Group (APACIG).

The Rocket Internet portfolio company intends to use the funds to expand its business reach in Southeast Asia after reducing its global presence.

Formed in 2013 and led by CEO Pranjal Kanwar, Carmudi provides over 100,000 used and new vehicle listings, as well as finance via banking partners.
The company plans to focus only on its best performing markets which are Indonesia, the Philippines and Sri Lanka.



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