Calling All Student Entrepreneurs: Tell Us About Your Startup

Car classifieds startup ‘Carmudi’ raises $10M new funding to expand in Asia

Apr 23, 2014

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 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.”

Register to read this article in full and more insight articles!

By registering, you will be signed-up for an account which gives you access to our premium stories published a few times a week and archives of all our premium stories. You will also receive a daily newsletter sent to your inbox. To unsubscribe, please visit the profile section in your account. We have a strong privacy policy. We will never share or sell your data to anyone.

What you get
In-depth actionable analysis

In-depth analysis on startup, business and technology scene in Bangladesh that you would not find anywhere else.
Daily and weekly newsletter
Get our daily and weekly newsletter with our most important stories directly to your inbox.
Join the conversion on this article and more on our public Telegram Group

About FS

Contact Us