CarDekho's South Asia business unit (SEA) raises $60 million in funding

CarDekho SEA, a Singapore-based auto financing platform and a subsidiary of India's CarDekho Group, has secured $60 million in its first round of external funding.

The investment, led by Navis Capital Partners and Dragon Fund, values the company at over $300 million. With this injection, CarDekho SEA’s total funding now exceeds $100 million, including $40 million previously contributed by its parent company.

The company plans to use the funds for regional expansion, with a primary focus on Indonesia and the Philippines, targeting the used car and bike financing markets.

Growth fueled by acquisitions and innovative services  

Founded in 2020, CarDekho SEA quickly established a significant presence in markets like Indonesia (via OTO Indonesia) and the Philippines (through Carmudi and Zigwheels). The company acquired Carmudi in 2021, expanding its reach to Indonesia, the Philippines, and Thailand.

Operating as an aggregator for auto financing services, CarDekho SEA differentiates itself through technology-driven solutions.

Its asset-light approach leverages partnerships with over 50 financial institutions and 20,000 dealers and retail agents.

The platform uses artificial intelligence and machine learning to enhance credit assessment and reduce fraud, addressing a critical gap for small-scale used car dealers who often lack direct access to financing.

Impressive financial trajectory and future plans 

CarDekho SEA has reported exponential growth since its inception. With over 200,000 loan disbursements amounting to $1 billion in gross merchandise value (GMV), the company boasts a 50-fold GMV increase in just three years.

It also generates over $50 million in annual revenue from commission-based services.

Apart from its stronghold in Indonesia and the Philippines, CarDekho SEA operates in Malaysia, Singapore, Thailand, and Vietnam. By 2026, the company aims to explore new markets.