BERLIN: Rocket Internet backed online car classified startup Carmudi (www.carmudi.com) 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.
