The funds will be used to boost its growth.
Rather than purely supplementing its working capital through the funding, iCar Asia further announced it has entered into an agreement to acquire Thailand’s largest automotive classifieds site, One2Car.com, and its associated assets for THB 474 million (approximately US$15 million).
Damon Rielly, CEO, iCar Asia said, “As demonstrated through our continued growth and widespread adoption, iCar Asia has clearly established regional leadership as the largest and most trusted digital automotive marketplace and this investment will help iCar Asia further capitalise on the increasing demand for our platform, and accelerate the company’s pace of growth.”
Recently celebrating its second year of operations, iCar Asia claims having over four million car buyers conducting their search on the sites within the network monthly. Established over 12 years ago, One2Car.com attracts an audience of more than 1.2 million unique visitors in Thailand.
One2Car.com will become the sixth brand in the iCar Asia network, complementing Carlist.my and LiveLifeDrive.com in Malaysia, Mobil123.com in Indonesia, and ThaiCar.com and Autospinn.com in Thailand.