Carmudi, a car classifieds site backed by Rocket Internet with particular focus on emerging markets, has raised $25 million to strengthen its operations in Asia and Latin America. Asia Pacific Internet Group (APACIG), a joint venture of Rocket Internet and Ooredoo, as well as Holtzbrinck Ventures and Tengelmann Ventures are among the major contributors of this second round.
New funds are expected to be used in improving the product and mobile customers experience and expand to new territories.
Carmudi was launched in late 2013 in Asia and has rapidly scaled up to 20 countries across 3 continents. Carmudi classifieds are currently available in Bangladesh, Cameroon, Congo, Ghana,Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Rwanda, Saudi Arabia,Senegal, Sri Lanka, Tanzania, United Arab Emirates, Vietnam and Zambia.
The company claims over 300K vehicle listings (cars, motorcycles and commercial vehicles) and a growth of over 50 per cent across all of its markets.
Carmudi Co-Founder and Global Managing Director Stefan Haubold said: “This funding will be crucial in boosting our operations in Asia and Latin America. Our goal is to be the No.1 car classified platform in all our markets. There are over 300 million active internet users that we are aiming to tap into in these markets. We want to make sure that we bring them the best experience of car shopping on their laptops and mobile phones.”