Carsome seeks RM830m in funding


CARSOME Sdn Bhd, an online used car marketplace in South-East Asia, is seeking to raise about US$200 million (RM830 million) in a funding round ahead of a potential listing in the US next year, according to people with knowledge of the matter.

Malaysia’s most valuable unicorn is working with an adviser for the planned fundraising and aims to complete it as soon as in the coming weeks, said the people, who asked not to be identified as the process is private.

The start-up said in a September statement that it raised US$170 million in a series D2 round at a US$1.3 billion valuation.

Deliberations are ongoing and the funding size and timing could change, the people said. A representative for Carsome said the company continuously evaluates potential financing and strategic transactions based on market conditions, but declined to comment further.

Carsome, founded in 2015, has expanded into Indonesia, Thailand and Singapore. The company works with more than 8,000 dealers, according to its website.

In July, Carsome agreed to acquire 19.9% of Australia-listed automotive portal iCar Asia Ltd. from Catcha Group in a share swap. Carsome has also offered to buy the remaining stake in iCar from existing shareholders.