The announcement of this funding comes at a time when the company is experiencing a remarkable growth of over 50 per cent in all its markets and has authentic listings of over 300,000 vehicles for its users globally. Launched in October 2013, Carmudi is now available in Asia (Bangladesh, Indonesia, Myanmar, Pakistan, the Philippines, Sri Lanka and Vietnam) and Latin America (Mexico). As the internet penetration is likely to reach 44 per cent by 2018 in in Asia Pacific region alone (excluding China and India), Carmudi’s strategic timing could not have been better. Having the first-mover advantage is certainly helping Carmudi become a household name as it continues to reap the rewards from a growing middle class and influx of foreign spending in emerging markets. In fact, it is already reaching over a million users per month through its website and mobile app. With its new features, Carmudi is making the selling and buying process much simpler for experts and novices alike who are new to the Internet.
