Carsome reaches 18k cars sold a month as it reaches 7th year

Malaysian unicorn Carsome said it has reached 18,000 cars sold per month across its four core markets.

The company, which is celebrating its seventh year of operation, offers used-car refurbishment and sales, as well as vocational training in vehicle reconditioning. It’s active in Malaysia, Singapore, Indonesia, and Thailand.

A company statement highlighted the group’s retail business as its fastest growing unit, expanding from a single center in Malaysia to over 20 across its key markets in less than two years. The segment currently contributes a quarter of Carsome’s revenue.

Meanwhile, the startup’s refurbishment arm launched its first Carsome Certified Lab refurbishment facility this year, which can recondition over 2,000 vehicles a month. The company plans to launch three more facilities by the end of 2022 to meet refurbishment demands in Indonesia and Thailand. It already operates more than 120 inspection and retail centers in its four markets.

The company’s educational arm, Carsome Academy, has also reached over 1,500 students to date, and they have undertaken over 6,000 hours of training. The segment, which is accredited by the Malaysian Ministry of Human Resources, has also expanded to Indonesia and Thailand to provide vocational training and job opportunities.

Carsome, which recently expanded its Malaysian office, also saw the acquisition of three entities, namely auto classifieds firm iCar Asia, social media platform WapCar, and car dealership CarTimes. Both iCar Asia and WapCar were then combined into a new subsidiary, WapCar AutoFun.

On the fintech side, Carsome recently obtained a digital Islamic banking license as part of a consortium led by KAF Investment Bank. It is one of the first companies in Malaysia to hold such a license.

Carsome raised US$290 million in a funding round in January, bringing its valuation to US$1.7 billion. While it initially said that it plans to go public this year, its dual IPO has been delayed, with the company citing “deteriorating macroeconomic conditions.”

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(Source: Tech In Asia)