Online car dealer secures fresh $25 million funding

Online car dealer Carmudi has secured a new funding worth $ 25 million from various investors to boost its operations in Asia and Latin America, considering the Philippines as one of its key markets.

Its new investors include Asia Pacific Internet Group (a joint venture of Rocket Internet and Ooredoo), consumer internet firm Holtzbrinck Ventures, Tengelmann Ventures (part of the Tengelmann Group) and a private investor.

The online firm announced Tuesday night it is experiencing a 50% growth in all its market including the Philippines.

"There are over 300 million active internet users that we are aiming to tap into in these markets," Carmudi Global Managing Director Stefan Haubold said in a statement sent to The FREEMAN.

"We are tapping into a huge potential of 100-million people [in the Philippines], of whom far over 30% are already online," he said. "And undeniably, Philippines has the fastest growing internet population."

Haubold said the company would further invest in the Philippine market, although he did not mention how much the country would get from the new funding.

"The Philippines shows some great traction and we will further invest there," he said.

Carmudi, launched in 2013, has expanded into 20 countries in Asian and Latin America to introduce online car selling.