Carmudi announced that $25 million has been raised –with backing from Rocket Internet– to enable it become the leading vehicle marketplace in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Vietnam) and Mexico.
Sri Lanka is home to several million vehicles –and motorcycles- and are fast becoming transportation of choice and the future for them –according to a 2013 report by Nielsen “Review and Opportunities of Sri Lanka”. There were close to 3 million motorbikes on the roads as at the time of the report, gradually making them the vehicle of choice.
“We are targeting a market of 21 million people in Sri Lanka where we see a clear need for a platform that is really trustworthy and takes buyers and sellers seriously. Carmudi is the one-stop solution that will address the growing needs of the residents of Sri Lanka, be it cars, motorcycles, tips, advice or reviews from car experts. Sri Lanka is a high potential market with a growing middle class and rising Gross Domestic Product (GDP) of over 7% alone last year. With Carmudi’s firm success and growth in Asia so far, we are sure to become the market leaders in Sri Lanka as well.” – Firaz Markar, Managing Director of Carmudi Sri Lanka posits.
With the increase in the number of Sri Lankans browsing the net (2.8 million internet users as the end of 2013) and 1.2 million mobile broadband connections culminating in a healthy digital growth, Carmudi’s emergence into that space will no doubt be welcomed by the citizens of the country.
“The business platform operates under a high level of transparency through professional photos, updated listings, detailed descriptions, reports and rankings for 100% of its vehicles in each market. At the same time, vehicle dealers get a trusted online presence through a personalised webpage, the Carmudi platform helps sellers manage their inventory in a fast, easy and stress-free way.” – according excerpt from their website.
Carmudi is a vehicle marketplace that offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online. They have presence in the Middle East and Africa (MEA) including Zambia, Qatar, Cameroon, Tanzania, United Arab Emirates, Ivory Coast, Rwanda, Saudi Arabia, Senegal, Congo and Nigeria.