Automotive e-commerce platform CarDekho has paid an undisclosed amount to acquire counterpart Carmudi Philippines, allowing investors including retail group Tengelmann to exit, Times of India has reported.
Spun off from Germany-headquartered Carmudi, Carmudi Philippines runs an online marketplace where buyers can access new and used second hand cars, motorcycles, minivans and pickup trucks for sale.
The platform also offers automotive insurance and financing for vehicles bought on the site, in addition to media giving advice on purchases and detailing the latest car-based news.
CarDekho is headquartered in India but is active in Indonesia through a subsidiary called Oto and the deal will allow it it strengthen its presence in Southeast Asia. CarDekho’s co-founder and president, Umang Kumar, was quoted by TOI as saying the Philippines has promising underlying macro fundamentals.
Kumar added: “We see this growth as a big opportunity to digitise the Philippines auto ecosystem and engage with customers throughout their online car-buying journey. Our strong ecosystem play has made us a leader in India and Indonesia. And now we are expecting the same for Philippines.”
Carmudi Philippines had secured $10m in a January 2018 round featuring Tenglemann’s corporate VC arm, Tengelmann Ventures, Asia Pacific Internet Group – a joint venture commerce holding group Rocket Internet and telecommunications firm Oredoo – and venture capital firm Holtzbrinck Ventures.
