Rocket Internet’s car classifieds portal Carmudi, a leading car classified site backed by Rocket Internet, has raised $25 million to strengthen its operations in Asia and Latin America.
The firm said the investors included 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 multi-sector retailer Tengelmann Group, and a private investor.
The firm in April raised $10m so this brings to $35m its total cash raised. Though the firm is actively launching in Africa, this round is not for Africa, yet but people on ground say Rocket Internet is in talks with its African partners for heavy funding rounds.
Carmudi competes One Africa Media’s Cheki and is already live in Nigeria, Tanzania, Congo, Caneroon, Ghana, Zambia, Ivory Coast and Senegal.
Launched in October 2013, Carmudi is in over 20 countries and has over 300,000 vehicles for its users globally. The cash will be used to fuel Carmudi operations in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Vietnam) and one in Latin America (Mexico).
Carmudi’s Stefan Haubold told TechMoran that Carmudi funding will be used to grow its operations in Asia and Latam and Africa is already funded differently (and not in this round.)
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