Cardekho, one of the popular automotive platforms, is pressing ahead with its international expansion. It intend to be present across South-East Asia in the next 2 years, as per the recent statement.
The firm is already in the process of integrating $25 million for the further expansion of its operations. In 2021, it will enter Malaysia followed by Thailand and Vietnam by 2022.
The President and Co-founder Umamg Kumar said- “The idea is very clear that we will be a pan Southeast Asian player and all other markets with our new auto business within next two years. He added- on the auto finance side, we will probably see enter about three odd marketplaces.
He also stated- right now we are looking at Malaysia, and in 2022 Thailand followed by Vietnam.
And fortunately, we are already operating and number one auto website in both Indonesia and the Philippines. For achieving the aim and expansion plan, the company may follow the similar strategy that it had deployed for the Indian market.
Talking about India, the company operates auto portals such as Gaadi.com, BikeDekho.com, and others. Additionally, it also offers avenues to the customers to easily buy and sell used cars with even financing facilities.
Sources suggest, the investments for the international expansion are being made and that is around $25 million for South-East Asia and is on its move.
Meanwhile, the CEO said- “It started three years back. We initially started with a deployment of $9 million, then we doubled down further a couple of years ago. What essentially happens is that every year we re-evaluate if more capital is required or not. So, cumulatively until March 2022”.
Lastly, earlier in 2016 the company entered Indonesia under a different brand name which is OTO.com. Later, it forayed into the Philippines in 2019 and acquired Carmudi.
The firm’s new plan is to focus on a new auto, media sales, and solutions, used auto, finance, B2C retail business for the better Growth Rate.