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Carmudi seeks to increase market penetration in Philippines with fresh funds

Carmudi seeks to increase market penetration in Philippines with fresh funds

MANILA: Rocket Internet-backed online car classifieds startup Carmudi has recently raised $10 million in funding, led by Tengelmann Ventures, with the bulk of the money going to the Philippines and Indonesia to further growth of the brand. In the Philippines, Carmudi has established itself as the leading online classified platform for both new and used cars, with no clear direct competitor that covers the automotive industry at the same scale. “Like in any industry, competition should always be seen as another party to challenge you to be the best of whatever field you are in.

How did Carmudi Philippines perform last year? We have seen double-digit growth both in our listings count and our revenue last year. Monthly online visits have been in the millions for the longest time and we continue to focus our efforts on increasing this. We have strengthened our national presence through more relationships and business via our Cebu office and the set-up of our Davao presence. We also revamped our journal pages, now called Insider. With this, the platform also provides information on vehicles and anything related to the automotive industry, which can serve as a reference for end users.