CarDekho SEA, the Southeast Asia business unit of digital automotive solutions provider CarDekho Group, has raised its first external funding round of $60 million led by growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund.
Following this round, the cumulative fundraising now stands at over $100 million.
The fresh capital raised will be used to enhance its existing capabilities in Indonesia, such as used car and bike financing, used car refinancing, and classifieds. Additionally, the capital will support the company’s expansion plans in the Philippines’ burgeoning used auto financing market.
Amit Jain, co-founder and CEO of the CarDekho Group shared, “We’re thrilled and deeply grateful for this funding, which validates our belief in the power of our unique approach. By replicating our Indian playbook for international markets, we’ve been able to understand and solve consumer needs across diverse cultures and regions. This journey isn’t just about expanding our footprint but about bringing meaningful, accessible solutions to people worldwide. This is a shared achievement with our teams, partners, and customers who believe in our mission to establish ourselves yet again as the largest auto-financial services marketplace.”
Established in 2020 and headquartered in Singapore, CarDekho SEA operates across Indonesia, the Philippines, Malaysia, Thailand, and Vietnam. It offers a variety of services including used car finance and refinance loans, dealer inventory funding, and classifieds.
It aims to become Southeast Asia’s largest and fastest-growing auto financial marketplace through geographic and product expansion.
In Indonesia, CarDekho SEA claims to hold a 3% market share within the used auto finance sector and currently partners with over 40 financiers. Regionally, the firm owns and operates multiple brands including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.
Since its 2020 launch, CarDekho SEA has achieved significant growth, including over 200,000 disbursements, surpassing $1 billion in gross merchandise value (GMV) and establishing partnerships with over 50 financiers and 20,000 dealers and retail agents, a 50x increase in GMV demonstrating exponential growth over the past three years.
The group also maintains online traffic leadership achieving monthly visits of more than 5 million in Indonesia and 2 million in the Philippines, and has a strong presence in Thailand, Malaysia, Singapore, and Vietnam.
