Malaysia’s very first tech unicorn is a used car e-commerce platform. With a US$1.3 billion valuation—after closing a US$200 million funding round on 1 September—Carsome has shown that pre-loved cars are getting much love.
The company, which claims to be Southeast Asia’s—not just Malaysia’s—largest used car e-commerce platform, has roughly 2,000 employees across the region. It transacts more than 100,000 cars annually, which translates to roughly US$1 billion in revenue.
Surely, Carsome’s co-founder and group CEO Eric Cheng must be a happy man today?
“Honestly speaking, I think the valuation or the unicorn title is a milestone, it’s not time to pop the champagne or anything,” he tells The Ken.