July 6, 2022

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Malaysia's Carsome set to checklist on Nasdaq with US$2 billion valuation

Malaysian used automotive market Carsome is about to go public on New York’s Nasdaq and the Singapore Inventory Change with an organization valuation amounting to US$2 billion.

Experiences by monetary information retailers aware of the transfer have stated that the corporate had already confidentially filed for the preliminary public providing (IPO) with Nasdaq earlier, with the goal being US$400 million in funds raised.

Carsome – which is Malaysia’s first and largest tech unicorn – has been following a powerful development trajectory.

Based in 2015 by Eric Cheng, the platform has since grown from being only a car comparability web site to a whole platform staffed by over 3,000 staff providing used automotive market providers.

At present, it has about 175 bodily inspection factors all through Malaysia, Indonesia, Thailand, and Singapore which permit prospects to examine their autos earlier than committing to buy them.

Carssome co-founder and CEO Eric Cheng. IMAGE: Tatler Asia

The corporate now caters to each shoppers and used automotive dealerships, with different providers provided together with issues like financing and possession transfers.

Its valuation hit US$1.3 billion final yr after efficiently buying extra funding to the tune of US$170 million.

The model has additionally been steadily increasing by way of quite a few acquisitions, together with the acquisition of Singapore-based CarTimes in March this yr, following Australia-listed iCar Asia for US$200 million.

Following such a trajectory has culminated in a public itemizing for the corporate, which has been closely supported by its key traders which embody 65 Fairness Companions, MediaTek, Gokongwei Group, and Catcha Group.

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Cowl picture sourced from TechNode World and StreetFins.