Moladin Expands Used Car Marketplace Ecosystem

Summary

Moladin, a used car marketplace, managed to raise US$95 million in a Series B funding round. Tech In Asia reported that the funding was led by DST Global and participated by existing investors, such as Sequoia Capital India, Northstar Group, and East Ventures. Moladin plans to use the money to develop an ecosystem of dealers, agents and consumers, as well as increase collaboration with partners to provide additional services to its ecosystem.

The startup founded by Andrew Khoo and Jovin Hoon also intends to invest massively in the technology and data sectors as the main support in the transaction process. Moladin's management claims that they have collaborated with several finance companies to support car sales in 135 cities through the use of its app by 40,000 agents. Besides, Moladin's transaction volume has grown by 20 times in recent months.

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