Online car marketplace gets $10M to expand in Asia

First-time car shoppers may soon be turning to the web to scout for good deals as Carmudi (http://carmudi.com.ph), an online car classified startup, announced that it secured $10 million in funding from a range of investors to expand in Asia.

“In the Philippines we are already well connected in Manila, with hundreds of car dealers listing thousands of vehicles, and thousands of visitors every day. Now to grow further we want to bring every car in the Philippines online—we are already expanding to Cebu and Batangas. Davao will follow early June,” Carmudi country manager for the Philippines Nicolàs Boldt told GMA News Online in an interview.

The Rocket Internet-backed company works as an online marketplace where users can log on to buy and sell cars and other vehicles. The online car classified listings platform currently operates in 11 countries. It is also the Philippines’ first online vehicle marketplace, Boldt said.

The announcement that investors, including the German Tengelmann Group, have provided $10 million (€7.3 million) for Carmudi’s Asian operations came as the company revealed it grew at a rate of 200 percent per month in terms of number of cars listed.

Founders say the sizable investment will go towards improving listings, as well as to widen the scope of the website to include vehicle-related news and tips.

"Eventually, I envision Carmudi to be a one-stop shop for all car-related topics, be it car reviews, news, tips or simple advice," Carmudi's co-founder and global managing director Stefan Haubold said in a statement.

In the Philippine market, Boldt added that the portion of the funds they will receive will go into making Carmudi’s services more personal for every car buyer.

“[In the provinces we will] set up offices, so that we provide the same high quality service as in Manila: personal visits, professional photos taken of every vehicle for more information and more trust,” he said. — BM, GMA News