Moladin, an Indonesia-based omnichannel used car marketplace, announced Monday it has secured Series B funding of $95 million led by global internet investment firm DST Global.

Earlier this year, Moladin raised $42 million in Series A Funding co-led by Sequoia Capital India and Northstar Group in what was one of the largest Series A rounds in Southeast Asia.

Existing key investors East Ventures, Northstar Group and Sequoia Capital India also participated in the Series B round, Moladin said in a statement.

With the newly raised funding, Moladin said it will continue to grow its comprehensive ecosystem for dealers, agents and end customers, and will work closely with partners to provide value-added services.

It said Moladin aims to leverage its success to double down on expansion of its agent network to create greater reach and network effects and continue enhancement of its digital platform to improve the user experience.

Additionally, Moladin will continue to invest heavily in technology and data as key enablers to execute faster transactions, obtain best-in-class operational efficiency, and create a seamless customer experience.

Moladin is Indonesia’s leading omnichannel used car marketplace empowers agents and micro-dealers by using technology to simplify the transaction process and enable a better customer experience.

Since pivoting to the used car market in June 2021, the startup has made strong progress in key areas, including digitalisation to increase agents’ efficiency through its app which was developed in-house. It is used by more than 40,000 agents today to grow their businesses.

The company has also partnered with all the top financing companies in Indonesia to ensure a seamless car purchase experience across 135 cities.

Consequently, Moladin has seen rapid growth of its used car business, with transaction volumes growing by more than 20 times over the last few months. Its platform has also improved agent and micro-dealer/dealer productivity by more than 2.5 times. They are now taking much less time to successfully close a transaction and are transacting more cars than ever before, resulting in substantially higher incomes.

Moladin’s vision is to be a positive driving force in the physical and social mobility of all the people it touches. It aspires not only to be the leading automotive platform in Indonesia but also a trusted platform to create many economic opportunities, especially for its agents.

The startup wants to ensure that those opportunities are open to everyone by empowering the entrepreneurial spirit of agents and micro-dealers to run their businesses more efficiently, and provide an excellent selection of cars and highest service level standards to consumers.

DST Global is one of the leading Internet investment firms globally, whose investments include some of the world’s fastest-growing and most valuable companies. Its founder is Yuri Milner and its co-founders are John Lindfors, Saurabh Gupta, Rahul Mehta and Tom Stafford. It has offices in Silicon Valley, New York, London, Beijing and Hong Kong.

Indonesian used car platform Moladin raises $42M in Series A funding led by Sequoia Capital India and Northstar Group