CarDekho SEA, a Singapore-based auto financing platform and a subsidiary of India’s CarDekho Group, has raised $60 million in its first round of external funding.
CarDekho Gets Massive Investment
The investment, led by Navis Capital Partners and Dragon Fund, brings the company’s valuation to over $300 million. This latest funding pushes CarDekho SEA’s total investment to more than $100 million, including $40 million from its parent company.
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The company plans to use the funds to expand its presence across Southeast Asia, with a particular focus on Indonesia and the Philippines, where it sees strong growth potential in the used car and bike financing markets.
CarDekho Expands its Global Footprint
Founded in 2020, CarDekho SEA quickly established a strong foothold in key markets like Indonesia (through OTO Indonesia) and the Philippines (via Carmudi and Zigwheels). The company expanded further in 2021 by acquiring Carmudi, which helped it tap into markets in Indonesia, the Philippines, and Thailand.
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CarDekho SEA operates as an aggregator for auto financing, setting itself apart with tech-driven solutions. Its asset-light business model relies on partnerships with over 50 financial institutions and 20,000 dealers and retail agents. The platform also uses AI and machine learning to improve credit assessments and reduce fraud, addressing a major challenge faced by small used car dealers who often struggle to access financing directly.
