Carmudi, the car classifieds startup of Rocket Internet, which already started operation in Bangladesh, just closed a $10 million funding round led by Tengellman Ventures, Rocket Internet’s investment arm. A TechCrunch report says that the new funding will be used to expand its presence in Asia, where it currently has sites in the Philippines, Vietnam, Bangladesh, Myanmar, Indonesia, and Pakistan.
Carmudi launched publicly about seven months ago is another one of Rocket Internet’s-a self-proclaimed incubator- homegrown startups.
As we have seen previously Rocket launched and closed startups so this case of new funding should rather be considered as signs of faith than investment.
Carmudi will compete with a large number of local competitors as it aims to tighten its grip in Asia that includes Malaysia-based iCar Asia, which is backed by Australian sites Carsales.com. iCar Asia is currently the largest network of car classifieds sites in Southeast Asia.
Cardmudi’s new funding confirms Rocket Internet's business strategy of having foot in emerging markets.
In a statement, Carmudi co-founder and global managing director Stefan Haubold said, “The funding will help us drive our growth even further, enabling us to become the number one online vehicle marketplace in Asia. Eventually, I envision Carmudi to be a one-stop shop for all car-related topics, be it car reviews, news, tips or simple advice.”