The Southeast Asia division of digital automotive solutions provider CarDekho Group has raised its first outside funding round of $60 million, led by growth and private equity investors Navis Capital Partners and Dragon Fund. This round has led to over $100 million in cumulative fundraising.

The proceeds will be used to enhance the group's existing capabilities in Indonesia used car and bike financing, used car refinancing and classifieds, and to support further expansion into the used auto financing sector.

After acquiring Carmudi, which was largely owned by Germany-based Rocket Internet, CarDekho made its debut in the Southeast Asian region in 2021. CarMudi operates in countries like Indonesia, the Philippines and Thailand through CarMudi.com and CarMudi. The group's SEA entity is headed by Umang Kumar, who also has a substantial stake in the subsidiary, according to sources.

CarDekho SEA has a 3% market share within the used auto finance sector in Indonesia, and currently partners with over 40 financiers. The regionally, the firm owns and operates multiple brands including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.

Since its 2020 launch, CarDekho SEA claims to have achieved significant growth, including over 200,000 disbursements, surpassing $1 billion in gross merchandise value (GMV), and establishing partnerships with over 50 financiers and 20,000 dealers and retail agents.

Aside from offline traffic dominance, the group boasts monthly visits of more than 5 million in Indonesia and 2 million in the Philippines, as well as a substantial presence in Thailand, Malaysia, Singapore, and Vietnam.