The Indonesia-based company’s funding is led by Frontier Car Group The online marketplace for used cars from Indonesia, BeliMobilGue.co.id, just announced that it has secured a US$10 million Series A funding led by Frontier Car Group, which is essentially the startup’s parent. Joining the parent company are several existing and new investors, one of them is Jardines-owned […] The post Used car marketplace BeliMobilGue.co.id raises US$10M Series A investment appeared first on e27.
12 Feb, 2019E27.CO
The online marketplace for used cars from Indonesia, BeliMobilGue.co.id, just announced that it has secured a US$10 million Series A funding led by Frontier Car Group, which is essentially the startup’s parent. Joining the parent company are several existing and new investors, one of them is Jardines-owned PT. Toyota Tunas Indonesia.
BeliMobilGue.co.id has said that it will utilise the investment to further expand into key Indonesian cities, launch new verticals, enhance sales and marketing efforts, and hire new staff.
Prior to this round, BeliMobilGue.co.id raised a US$3.7 million Series Pre-A round of financing led by Intudo Ventures, joined by Amand Ventures, Tasman Fund, and Digital Garage.
“On top of fresh capital, this round will further accelerate growth through global engagement and local strategic partnerships,” said Rolf X. Monteiro, Founder and CEO of BeliMobilGue.co.id.
BeliMobilGue.co.id was launched in April 2017 as a joint venture between founder Rolf Monteiro, Berlin-based Frontier Car Group, and Indonesia-only independent venture capital firm Intudo Ventures. It has become a platform that enables consumers to sell their cars to a large private network of 1,000+ qualified buyers.
The premise of BeliMobilGue.co.id is that it provides consumers with a transaction process that lasts typically one hour from start to finish and at zero cost to the consumer. The used cars being displayed in the platform are said to have passed a 300 point inspection by its expert inspectors. This is turned into an inspection report uploaded onto its partner app.
Next, using the company’s partner app, buyers around Indonesia are able to make an offer on the used car while viewing competing offers. BeliMobilGue.co.id then processes the payment to consumers once the transaction has been completed and holds the car at a company distribution center for buyer pick-up.
Currently, its parent company Frontier Car Group is backed by Naspers/OLX, Balderton Capital, TPG Growth, and Partech Ventures, creating access to global capital for the platform.
BeliMobilGue.co.id also partners with OLX and PT. Toyota Tunas Indonesia to directly connect with both private sellers and new car buyers.
Last year, BeliMobilGue.co.id focussed heavily on opening over a dozen new physical locations in the metro area of Jakarta and on organization structuring.
The company also introduced financial services, trade-in services for new car showrooms and fleet services, allowing large corporations to offload vehicles in bulk.
Financial services, specifically dealer financing, will be one the main growth areas for 2019, which offers significant synergies to facilitate qualified buyers with short-term customised car financing. The hope is to remove several hurdles by offering almost unlimited access to working capital.
For now, the company will continue to develop its core technology platform and recruit key talent in Indonesia, which is Southeast Asia’s largest auto market.
The post Used car marketplace BeliMobilGue.co.id raises US$10M Series A investment appeared first on e27.