iCar Asia to acquire Carmudi.co.id for US$3M to expand its used car biz in Indonesia
iCar Asia, a leading network of automotive portals in the ASEAN region, today announced it has entered into a binding agreement to acquire automotive classifieds portal Carmudi Indonesia for US$3 million in cash.
The money will be paid in two instalments — US$2 million upon the completion of the deal, and US$1 million on 15 October 2020.
The deal is subject to finalising long-form documents and is expected to be completed on or about 15 October 2019.
This will allow iCar Asia an opportunity to expand its used car business with Carmudi.co.id. The combined Indonesian business is also expected to more than double iCar Asia Indonesia’s revenues and increase growth rates.
Carmudi is an online marketplace for new and used cars, with two million monthly visits. Carmudi also operates five physical car sales centres called “Carsentros” across the cities of Semarang, Solo, Surabaya and Yogyakarta. These are transaction platforms for car dealers and leading car financing businesses and generate finance commission income.
In January last year, Carmudi secured US$10 million from a consortium of investors that included HV Holtzbrinck Ventures, Tengelmann Ventures, and APACIG.
Listed on the Australia Securities Exchange, iCar Asia owns and operates a network of automotive portals across ASEAN. They include Carlist.my, LiveLifeDrive.com, and CarlistBid (Malaysia); Mobil123.com, Otospirit.com, and Mobil123Bid (Indonesia); and One2Car.com, Autospinn.com, Thaicar.com, and One2CarBid (Thailand), besides iCarData (icardata.icarasia.com). They together reach approximately 12 million car buyers and sellers in the region every month.
iCar currently has almost six million visits per month, and there is a low overlap of the audiences of approximately 20 per cent, according to Similarweb.
In November 2017, iCar Asia raised US$19.3 million in a mix of equity funding and venture debt from a group of undisclosed investors.