Carsome Successfully Completed The Acquisition Of iCar Asia Limited

The total transaction is estimated to be worth more than US$200 million.

Carsome Successfully Completed The Acquisition Of iCar Asia Limited
Photo by Carsome

Carsome, Southeast Asia's leading automobile e-commerce platform, has finalised the acquisition of the remaining 80.1 percent ownership in iCar Asia, a major listing and content automotive platform in Southeast Asia. Carsome agreed to purchase 19.9% of iCar Asia from Catcha Group, a Malaysian digital giant, in July 2021. According to Carsome, the overall transaction is estimated to be worth more than US$200 million. Now, Carsome became the sole stakeholder of iCar Asia after the deal was completed. With Carsome and iCar Asia combined, it offers an integrated automotive ecosystem for dealers to source, advertise, and sell cars; also, for consumers to research, sell, and buy cars in a region that trades over US$55 billion worth of automobiles annually.

“We are pleased with the smooth completion of this acquisition. This partnership will allow us to further expand our offerings across discovery, consideration, purchase and fulfilment, covering the entire auto ecosystem based on our core values of trust, transparency and technology,” Carsome co-founder and Group CEO Eric Cheng said.

Carsome expects to be able to offer more diverse solutions and experience across the purchasing and selling value chain to more dealers and consumers in important countries as a result of the acquisition. Consumers will benefit from an end-to-end, one-stop experience that spans the whole car ownership process, from search to transaction, finance and insurance to after-sales services, thanks to the enhanced portfolio of products.