$10 million USD in investment for Carmudi’s Asia operations
Global online classifieds player attracts new funding for its operations across 6 Asian markets
23 APRIL 2014, BERLIN, GERMANY
SummaryBerlin, 23rd April 2014 – Rocket Internet backed online car classified start-up Carmudi has secured about $10 million USD funding from a range of investors including Tengelmann Ventures, the international multi-sector retailer.
Carmudi is an online car classified listings platform that currently operates in 11 countries, including six in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, Philippines and Vietnam). The platform provides an innovative online solution for sellers, buyers and car dealers to find or sell their cars, motorcycles or commercial vehicles online.
The announcement that a number of investors, including the German Tengelmann Group, have provided $10 million (USD) or €7.5 million for Carmudi’s Asian operations comes as Carmudi reveals that it is growing at a rate of 200 per cent per month, soon reaching 100,000 car listings globally.
Stefan Haubold, Co-Founder and Global Managing Director of Carmudi commented: “Carmudi is growing at a remarkable pace. We are actually driving in the fast lane and making a rapid headway in all our markets. The funding will help us drive our growth even further, enabling us to become the number one online vehicle marketplace in Asia. Eventually, I envision Carmudi to be a one-stop shop for all car-related topics, be it car reviews, news, tips or simple advice.”
Launched in 2013, Carmudi is part of the portfolio of Rocket Internet, the German start-up incubator. With a large and fast-growing number of car listings worldwide, it is rapidly becoming the market leader in online classifieds across emerging markets.
"Carmudi is growing at a remarkable pace. We are actually driving in the fast lane and making a rapid headway in all our markets. The funding will help us drive our growth even further, enabling us to become the number one online vehicle marketplace in Asia. Eventually, I envision Carmudi to be a one-stop shop for all car-related topics, be it car reviews, news, tips or simple advice." Stefan Haubold, Co-Founder and Global Managing Director
Carmudi was founded in 2013 and is currently available in Bangladesh, Cameroon, Congo, Ghana, Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Saudi Arabia, Senegal, Sri Lanka, Tanzania, United Arab Emirates and Vietnam. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online.
The Asia Pacific Internet Group supports some of the leading internet companies in the region. Founded by Rocket Internet in 2014, the APIG's mission is to promote innovation and entrepreneurship throughout Asia and the Pacific and to support the development of a vibrant online culture. Its network currently consists of 10 companies, which are operating in 15 countries.
The Middle East Internet Group, a joint venture of Rocket Internet and MTN, is the leading internet platform in the Middle East and supports some of the most vibrant internet companies in the region. Founded in 2013, MEIG's mission is to accelerate the growth and success of the internet economy throughout the Middle East.MEIG's network currently consists of 5 companies, which are operating in over 10 countries. Among these rank thriving companies such as Easytaxi, Lamudi and Carmudi, alongside with other established brands of Rocket Internet such as Namshi and Hellofood.