Moladin, an omnichannel used car platform in Indonesia, announced Wednesday that it has raised a $42 million Series A investment round led by Sequoia Capital India and Northstar Group.

The investment, which is one of Southeast Asia’s largest Series A funding rounds, will allow Moladin to solidify its position as Indonesia’s leading used car platform, Moladin said in a statement.

According to the statement, the round also includes participation from East Ventures, Global Founders Capital, and K3 Ventures.

Moladin said the Series A funds will be used to help scale the company’s existing auto transaction business, expand its branch network, and to enter new ancillary opportunities such as retail, financing and servicing.

Its Co-Founder and Chief Executive Officer Andrew Khoo said that Moladin’s vision is to be a positive driving force in both the physical and socioeconomic mobilities of all the stakeholders in the ecosystem.

Unlike many of its peers, he believes that the majority of used car buyers and sellers still want to interact with a trusted expert for what is a significantly large transaction for them.

“By creating a full-stack digital automotive ecosystem powered by a nation-wide network of agents and micro-dealers, we hope to serve the Indonesian population to the best of our ability. This will also help to create many jobs while supporting the local economy and consumers,” he added.

Meanwhile, Moladin Co-Founder and Chief Operating Officer Jovin Hoon said the group has consciously decided on a focused strategy to scale up its existing core businesses in Indonesia before expanding to other geographies and ancillary opportunities.

“This focus has helped us execute better and grow faster than what anyone had previously believed was possible. That being said, auto transactions are just the first step in a long journey as we explore all avenues to help us realize our vision of driving upward mobility for all,” he added.

Moladin is a leading omnichannel used car dealer in Indonesia that empowers agents and micro-dealers by using technology to simplify the transaction process and enable a better customer experience. It has partnered with the top financing companies in Indonesia to ensure a seamless car purchase experience across 115 cities. Established in 2017, Moladin’s mission is to be a positive driving force in the physical and social mobility of all the people it touches.

Moladin has grown rapidly within months of launching its used car platform to become the leading dealer in Indonesia, extending its reach to more than 15,000 agents and dealers in 2021. This is attributed to its unique social commerce business model which empowers agents and micro-dealers by simplifying the transaction process and enabling them to serve their customers better.

Sequoia India Managing Director Abheek Anand said that the used cars market is one of the largest and least organized consumer categories in Southeast Asia.

“Moladin has been able to serve both agents and end-consumers better by focusing on building a supply of the best used cars on their platform. The team at Moladin has impressed us with their strong execution and by becoming the largest used cars platform in Indonesia within a very short period of time. Sequoia Capital India is thrilled to support Moladin in continuing its rapid growth trajectory,” he said.

Northstar Group Managing Director Chee-Yann Wong also said that the used car and auto financing sectors are large and fast-growing in Indonesia.

“They are also highly fragmented and ripe for digital disruption. We are impressed by the Moladin team’s strategic vision and execution and look forward to supporting Moladin with our local network and resources,” he said.

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