CarDekho SEA raises $60M from Navis Capital Partners, Dragon Fund
The funds will be used to improve CarDekho SEA's capabilities in used car and bike financing, refinancing, and classifieds in Indonesia and to support further expansion in the used auto financing sector in the Philippines.
SEA, the Southeast Asian arm of digital automotive solutions provider CarDekho Group, has raised $60 million in its first external funding round. The round was led by growth and private equity investors Navis Capital Partners and Dragon Fund.
This brings the cumulative fundraise of the company to over $100 million.
The fresh funds will be used to improve CarDekho SEA's capabilities in used car and bike financing, refinancing, and classifieds in Indonesia and to support expansion in the used auto financing sector in the Philippines.
The capital will also be used to enhance the company's ecosystem for distribution partners through inventory funding and accelerate growth through complementary solutions in auto insurance, extended warranties, and electric vehicle financing.
“With this financing round, we are proud to partner with the teams at Navis and Dragon Fund on our journey to redefine the auto financial services landscape in Southeast Asia. This investment validates our progress in used auto financing in Indonesia while empowering us to accelerate our expansion to become the largest, fastest, and widest auto financial services marketplace in the region,” said Umang Kumar, Co-founder and CEO, CarDekho SEA.
Established in 2020, Singapore-based CarDekho SEA operates across Indonesia, the Philippines, Malaysia, Thailand, and Vietnam. It provides auto financial services, including used car finance, dealer inventory funding, and classifieds. It aims to become Southeast Asia's largest and fastest-growing auto financial marketplace through geographic and product expansion.
CarDekho SEA has made over 200,000 disbursements, generating over $1 billion in gross merchandise value, and partnering with over 50 financiers and 20,000 dealers. The company claims it experienced a 50x increase in growth over the past three years and maintains a strong online traffic leadership, with monthly visits exceeding 5 million in Indonesia and 2 million in the Philippines.
In Indonesia, CarDekho SEA holds a 3% market share in the used auto finance sector and partners with over 40 financiers. In the region, it owns and operates brands such as OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.
Founded in 2008, CarDekho Group's portfolio includes leading insurtech and fintech brands such as InsuranceDekho and Rupyy. It generates an annual auto financial services GMV of $2 billion, insurance GMV of $500 million, and a group revenue run-rate of $400 million.
Edited by Swetha Kannan