The Southeast Asian commercial affiliate of the CarDekho Group, CarDekho SEA, has raised $60 million in its first round of external financing. This investment, which is led by Dragon Fund and Navis Capital Partners, raises the unit’s total capital to over $100 million and represents a significant milestone in its goal to transform the local auto-financial services sector.
Credits: Entrepreneur
Driving Innovation: A Pioneering Auto-Financial Services Ecosystem
Since its establishment in 2020, CarDekho SEA has established a reputation for itself in the Southeast Asian car sector. With its main office located in Singapore, the business offers a variety of services, including financing for used automobiles and motorcycles, dealer inventory funding, refinance loans, and classified ads. By combining state-of-the-art technology with local solutions, CarDekho SEA hopes to become the largest and fastest-growing marketplace for auto-financial services.
The SEA business has effectively modified its products to satisfy the particular needs of many markets and cultures by utilizing CarDekho Group’s tried-and-true tactics in India. The growth goes beyond simply increasing operations, according to Amit Jain, co-founder and CEO of CarDekho Group: “This journey is about bringing meaningful, accessible solutions to people worldwide.”
Expansion Plans: A Roadmap to Success
With the fresh capital infusion, CarDekho SEA plans to strengthen its operations in Indonesia and the Philippines. In Indonesia, where the company already holds a 3% market share in used auto financing, it aims to enhance its presence in used car and bike refinancing and expand classifieds services. The Philippines will witness similar growth, with plans to introduce innovative auto-financing solutions and deepen its market penetration.
The group is also looking to expand its ecosystem by introducing complementary services such as auto insurance, extended warranties, and electric vehicle (EV) financing. These initiatives aim to provide a one-stop solution for customers and distribution partners, including financiers and used car dealers.
Umang Kumar, CEO of CarDekho SEA, emphasized, “This investment validates our progress and empowers us to accelerate our expansion into becoming the largest, fastest, and widest auto-financial services marketplace in the region.”
Impressive Milestones: A Snapshot of Growth
In just three years, CarDekho SEA has achieved exponential growth:
Gross Merchandise Value (GMV): Surpassed $1 billion through over 200,000 disbursements.
Dealer Network: Partnered with 20,000+ dealers and retail agents.
Financiers: Collaborated with 50+ financial institutions across the region.
Online Traffic Leadership: Garnered over 5 million monthly visits in Indonesia and 2 million in the Philippines, solidifying its digital dominance.
These achievements highlight the company’s ability to adapt and thrive in a competitive landscape, powered by its asset-light marketplace model and tech-driven processes.
Leveraging Technology: A Smarter, Safer Future
CarDekho SEA’s competitive edge lies in its technology-first approach. By incorporating AI and machine learning, the company aims to reduce fraud and credit risk, optimize loan approval rates, and streamline operations. These innovations ensure a seamless, secure, and efficient digital loan journey for customers while building trust with financier partners.
The focus on deeper tech integrations allows CarDekho SEA to offer customized solutions, further solidifying its position as a strategic partner for financiers, dealers, and consumers.
Credits: Tech in Asia
Backing from Visionary Investors
The $60 million funding round has attracted support from renowned investors. Navis Capital Partners praised CarDekho SEA’s innovative approach and dedicated team. Partner Rajendra Pai remarked, “By enhancing financial inclusion, CarDekho SEA will not only empower consumers but also drive transformative change across the automotive landscape.”
Dragon Fund, backed by MUFG, highlighted the value of replicating CarDekho Group’s India expertise in Southeast Asia. “Under Kumar’s leadership, CarDekho SEA is well-positioned to build the leading auto-financial services marketplace,” said Ridhi Chaudhary, Chief Investment Officer at Dragon Fund.
Shaping the Future of Auto-Finance in Southeast Asia
CarDekho SEA’s lofty objectives and strong performance history have made it a pioneer in Southeast Asia’s auto-finance sector. Thanks to its focus on innovation, strategic alliances, and customer-centric solutions, the company is well on its way to becoming a dominant force in the area.
As it gets ready to expand its services and reach, CarDekho SEA is not only expanding its clientele but also transforming auto-finance in Southeast Asia, one payment at a time.
