Malaysia-based used car platform Carsome has reportedly acquired a 51% stake in CarTimes Group, a Singapore-based used car dealer and shadow importer, Business hours reported Wednesday.
Citing sources, local media reported that the deal was half cash and half stock and worth around $60 million.
Regulatory filings showed that on March 7, CarTimes chief executive Eddie Loo transferred 408,000 ordinary shares of the company to Carsome Group, Malaysia’s first tech unicorn. Loo, who founded the company, still owns the remaining 49% of CarTimes.
Carsome and CarTimes have yet to respond to Global TechNodeat time of going to press.
Established in 2001, CarTimes Group offers a full range of solutions, ranging from retail, rental, insurance and workshop service, according to information on its website.
The news comes as Carsome is reportedly gearing up for a U.S. IPO later this year. Last week, Carsome named its head of mergers and acquisitions and ecosystem strategy. Investing in CarTimes could also help Carsome compete with rival Carro, another Southeast Asian used-car platform based in Singapore.
Carro claims to be Singapore’s number one car market that offers full service for all aspects of car ownership. Besides buying and selling new and used cars online, Carro also offers car loans, car repair and maintenance services in its workshop.
Founded in 2015, Carsome provides end-to-end solutions for used car consumers and dealers, from car inspection to transfer of ownership to financing, promising reliable, convenient and efficient service. It processes over 100,000 cars on an annualized basis, which translates to approximately $1 billion in revenue. It has spread to Indonesia, Thailand and Singapore.
In January, Carsome announced the completion of its $290 million Series E funding round, bringing the company’s valuation to approximately $1.7 billion.
Featured photo credit: CarTimes
Malaysian Unicorn Carsome Raises $290M in Series E Funding