Malaysia’s Carsome eyes US IPO as it hits $1.75 billion valuation

SINGAPORE (REUTERS) - South-east Asian used-car marketplace Carsome Group said it has raised US$170 million (S$228.6 million) in a funding round from investors including Taiwanese chipmaker MediaTek, cementing its position as Malaysia's largest tech unicorn, valued at US$1.3 billion (S$1.75 billion). The valuation comes as South-east Asian start-ups are attracting strong interest from regional and global funds, driven by robust growth rates, as investors take bets on post-pandemic plays. "The most important thing we are trying to tackle is the distrust that's associated with the used-car industry," said Carsome's co-founder and chief executive, Eric Cheng, adding that consumers were becoming more open to buying cars online during lockdowns imposed in countries over the past year. Six-year-old Carsome's competitors include Singapore's Carro and Indonesia's OLX Auto, part of OLX Group, which runs global trading platforms. Mr Cheng said Carsome, which also operates in Indonesia, Thailand and Singapore, has been ramping up its retail centres and expanding its offerings, which include a five-day refund policy and a one-year warranty. Carsome is looking to almost treble its revenue to ne...