MANILA, Philippines–Leading automotive classifieds site Carmudi plans to invest in and further strengthen its operations in the Philippines, which is regarded as one of the key markets of the Berlin-headquartered company.
This was after Carmudi was able to secure $25 million in funding from investors, including Asia Pacific Internet Group (Apacig), a joint venture of Rocket Internet and Ooredoo; Holtzbrinck Ventures, a leading consumer Internet investor; Tengelmann Ventures, a division of international multisector retailer Tengelmann Group, and another private investor.
“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,” noted Carmudi co-founder and global managing director Stefan Haubold.
Carmudi has recently seen a growth of more than 50 percent in all the 20 countries it is present and has authentic listings exceeding 300,000 vehicles for its users globally. This online marketplace for brand new and second hand vehicles is reported to provide the most innovative and fastest way to buy and sell cars, motorcycles and commercial vehicles online.
Haubold, however, declined to disclose how much it intended to allocate to the Philippine market where it has similarly seen a strong use of its website by the local market. Carmudi only stressed the significance of the Philippines, which is showing “some great traction” and has committed to further invest in its operations here.
“We are tapping into a huge potential of 100 million people, of whom far over 30 percent are already online. And undeniably, Philippines has the fastest-growing Internet population. We truly believe in the Philippines market and will invest in it to become the No. 1 website for any car-related topic,” Haubold explained.
Carmudi was founded in 2013 and is 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.