CarDekho SEA, a Singapore-based auto financing service platform, has raised $60 million in equity, valuing the company at over $300 million, from Navis Capital Partners and Dragon Fund. This is its first round of external funding, following a previous investment of $40 million from its parent company, CarDekho Group.
The company, the Southeast Asia unit of India’s CarDekho Group, will use the funding to support its further expansion into Southeast Asia, focusing on the used car and bike financing industry in Indonesia and the used auto financing sector in the Philippines, Umang Kumar, co-founder and president of CarDekho, said in an interview with TechCrunch.
Kumar told TechCrunch that acquiring a used car financing platform or insurance brokerage platform in Indonesia and the Philippines could be one of its strategies to increase their presence in the region.
“We do have a couple of assets lined up in terms of what we will look at. You may hear something along those lines within a month or two…we will actively look at acquiring activities. The idea is not completely organically built. So we will look at some inorganic acquisition as we build out our business across Southeast,” Kumar said.
Founded in 2020, the company already has a significant presence in Indonesia (OTO Indonesia) and the Philippines (Carmudi Philippines and Zigwheels Philippines). It’s also in a few other Southeast Asian markets, such as Thailand, Singapore, Malaysia, and Vietnam, and is eyeing expansion into new markets in 2026.
Kumar explained that the company initially had a joint venture partner in Indonesia but later bought out the local partner entirely, becoming the 100% owner of the entity between 2019 and 2020. The company’s acquisition spree continues as it acquired Carmudi, which operates in the Philippines, Indonesia, and Thailand, in 2021 to expand into SEA, Kumar explained.
Unlike its peers, CarDekho SEA acts as a comprehensive aggregator for auto financing services. Its main competitor used to be Moladin, which has now pivoted to become a full-fledged lender.
CarDekho SEA highlights its edges, including its technology-driven loan procedures, asset-light marketplace approach with no credit risk, an extensive network of used car dealers and agents, and solid collaborations with financial institutions. CarDekho SEA will use AI and machine learning solutions to reduce fraud and credit risks and provide more data to their financing partners to succeed in a changing technological environment.
Since its launch, the company has experienced significant growth, with over 200,000 disbursements and over $1 billion in loans disbursed. This represents a 50x increase in gross merchandise value over the past three years and establishing partnerships with over 50 financiers and 20,000 dealers and retail agents.
Its primary customers are small-scale used car dealers, with many having less than ten cars in stock or no physical showroom at all. “Due to their sub-scale presence, financiers often find it challenging to serve them directly,” the CEO said. “Our platform aggregates demand from these individual dealers, connecting them to a wide network of financiers and offering access to a variety of financial products for themselves and their customers—products that were previously inaccessible to them.”
The company is in the scale-up phase, generating upwards of $50 million in revenue annually through per-loan commissions with the financiers.
