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Carsome’s acquisition of iCar Asia is only scraping the surface of Southeast Asia’s automotive iceberg.
Kristie Neo contributed to this article.
14th of July, 2021
Premium2021 has been a pivotal year for Southeast Asia’s automotive marketplace. Carro, sponsored by SoftBank Vision Fund, and Carsome, based in Malaysia, are two unicorns on the rise, with the latter announcing a $200 million landmark deal to buy out ASX-listed iCar Asia yesterday.
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Carsome Carro Asia’s iCar
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Carsome invests in PT Universal Collection, an Indonesian car auction company.
Carsome is making its first investment in Southeast Asia this year with this purchase.
Deals Carsome and Catcha Group team up to buy iCar Asia for $200 million.
The agreement will create Southeast Asia’s largest digital car marketplace.
Unicorns
Carsome, which is rumored to be in talks to raise more than $200 million, might become Malaysia’s second unicorn.
COVID-19 has boosted business, thus the used vehicle market is going on with IPO plans.
The automobile market in Singapore is dominated by unicorns. Carro receives $360 million in a round funded by SoftBank in order to become a unicorn.
Carro has raised over $400 million in equity and $200 million in debt since its inception in 2015.
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