Moladin, an Indonesian used-car marketplace, has secured US $95 million in a Series B fundraising round headed by DST Global and joined by East Ventures, Northstar Group, and Sequoia Capital India. The company secured this recent funding 4 months after they raised $42 million in a Series A investment sponsored by Sequoia Capital India and Northstar Group.
Sequoia backs $95m round of Indonesian Platform Moladin
Moladin assists agents and smaller dealers in using technology to ease processes while selling used automobiles. The organization claims to have over 40,000 agents and dealers in Indonesia and has worked with prominent financial companies to buy automobiles in 135 locations.
Jovin Hoon launched the platform in 2017. Last year, Andrew Khoo joined as co-founder and CEO. The company first focused on new motorbike transactions before transitioning to used automobiles in June 2021.
Moladin claims that its transaction volume has increased more than 20 times in the last several months. The new funds will be used to extend the firm’s agent network and improve its digital platform.
Learn more about Moladin!