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Automobiles

Malaysia's used car bidding platform in talks to raise $40m

As Carsome expands in Southeast Asia it intends to fend off rivals on home turf

Carsome, which facilitates sales of used cars by handling inspections, payments and logistics, is feeling the heat of increased competition.   © Reuters

SINGAPORE -- Carsome, a Malaysia-based used car marketplace, is in talks to raise $40 million in a Series C funding round by the end of this year, according to three sources aware of the development.

One of the sources told DealStreetAsia that Carsome is raising the financing at a valuation of $110 million. The other two sources said the startup is being valued 'much higher' in the latest round.

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