BeliMobilGue, a used-car sales platform in Indonesia, has skyrocketed for the race for the dominance of the car market in Southeast Asia's largest economy with a $ 10-million series.
The company was founded in 2017 as a joint venture of Europe's Frontier Car Group (FCG) and Intudo Ventures an Indonesia-focused VC firm. BeliMobilGue said today that the capital came from FCG and new investors, including Tunas Toyota, the authorized dealership for Toyota cars in Indonesia.
It is worth noting that the FCG itself is a company that, as the name implies, trains itself on automotive companies in emerging (border) markets in Latin America, Asia and Africa. Investors include Naspers / OLX (1
This Series A round follows a final $ 3.7 million round for BeliMobilGue, meaning "buy my car" in the Bahasa language of Indonesia.
] BeliMobilGue is intended to help vehicle owners sell their vehicles.
The first step is an online price estimation for vehicles. If the owner is satisfied with the rating, BeliMobilGue collects the vehicles and after a one-hour inspection by its testers, organizes a sale of over 1,000 dealers and private buyers to its network. The whole process is an hour long and free for consumers, BeliMobilGue CEO Rolf Monteiro told TechCrunch.
The company has 30 physical test points in Jakarta, the capital of Indonesia, and with this money in the bank extension to Java. By the end of this year, Monteiro predicts that the number of physical stations will have exceeded 100.
Another goal for this year is fringe benefits. BeliMobilGue focuses on giving traders, many of which are often small businesses and not nationwide chains, the opportunity to grow with their service and therefore offers third-party funded financing packages.
"The difference between small and large traders is their access to capital," said Monteiro in an interview. "We are a bit more comfortable [than a bank] to expand their funding because we not only use data but sit on this dealer relationship.
"Besides, we're sitting on cars, so we finance cars coming from our platform and [if necessary] we can help dump the vehicle for the dealer," he added.
BeliMobilGue is far from traveling alone to Indonesia, the world's fourth most populous country and the cornerstone of most digital strategies for the region. An annual report from Google and Temasek predicts that Indonesia's online economy will grow from $ 8 billion in 2015 to $ 100 billion by 2025. Southeast Asia as a whole is expected to reach $ 240 billion, highlighting the importance of Indonesia.
With this background, regional competitors in Indonesia have doubled.
Carro has raised $ 78 million to date – including a $ 60 million Series B Series last year – while Carsome has $ 27 million and iCar Asia has bought $ 39 from Catcha Venture Millions til today.
Each of these trios serves multiple markets throughout the region, not just Indonesia. Here Monteiro believes that he can find an advantage. While he admitted that BeliMobilGue could have raised more money, it considered that the accumulation of cash had found "smart money" and said he saw the existence of competition as a win-win situation for the industry ,
"Indonesia is a huge state market," he said. "Whether we, Carro or Carsome, the competition is helping to educate the market and it will bring us new business, but as much as I welcome them, I want them dominant position. "
After Monteiro has added strategic investors such as Tunas Toyota, Monteiro still believes another important differentiator.
" An investor like Tunas has 25 to 30 years of experience For us, this partnership is golden happy with the round and how it developed, "he said.