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BeliMobilGue raises $10M for its used-car sales platform in Indonesia – TechCrunch

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BeliMobilGue raises $10M for its used-car sales platform in Indonesia – TechCrunch

BeliMobilGue, a used car sales platform in Indonesia, has fueled up with a $10 million Series round for the race to dominate the automotive market in Southeast Asia’s largest economy.

The company was started in 2017 as a joint venture between Europe’s Frontier Car Group (FCG) and Intudo Ventures, a VC firm focused on Indonesia. BeliMobilGue said today that the capital came from FCG and new investors, which include Tunas Toyota — the authorized dealership for Toyota cars in Indonesia.

It’s worth noting that FCG itself is a venture which, as the name sounds, develops on automotive ventures in emerging (frontier) markets in Latin America, Asia and Africa. Its investors include Naspers/OLX, Balderton Capital, TPG Growth and Partech Ventures.

This Series A round follows a $3.7 million round last year for BeliMobilGue — which means ‘buy my car’ in Indonesia’s Bahasa language.

BeliMobilGue is aimed at making it easy for car owners to sell their vehicle.

The first step is an online price estimation for vehicle. If the owner is happy with the valuation, BeliMobilGue takes the vehicles in and, after a one hour check attended in person by its testers, it arranges a sale to its network of over 1,000 dealers and private buyers. The entire process is targeted at one hour and is free for consumers, BeliMobilGue CEO Rolf Monteiro told TechCrunch.

The company has 30 physical testing points across Jakarta, Indonesia’s capital city, and with this money in the bank it is targeting expansion to Java. By the end of this year, Monteiro forecasts that the number of physical stations will have passed 100.

Another target for this year is ancillary services. BeliMobilGue is focused on enabling dealers, many of whom are often small businesses rather than nationwide chains, to growth with its service so it is offering financial packages financed by a third-party bank.

“The difference between small and large dealerships is their access to capital,” Monteiro explained in an interview. “We are a little bit more comfortable [than a bank] to extend their finance because we’re not just using data, we’re sitting on that dealer relationship.

“Plus we are sitting on cars, so we are financing cars that come from our platform and [if necessary] we can help offload the car for the dealer,” he added.

BeliMobilGue aims to sell vehicles within an hour, that includes a comprehensive inspection that’s carried out by its staff and covers 300 points.

BeliMobilGue is far from alone in going after Indonesia, which is the world’s fourth most populous country and the cornerstone of most digital strategies for the region. An annual report from Google and Temasek forecasts that Indonesia’s online economy will grow to $100 billion by 2025 from $8 billion in 2015. Southeast Asia as a whole is predicted to reach $240 billion, which is telling of the significance of Indonesia.

With that in mind, regional rivals have doubled down on Indonesia.

Carro has raised $78 million to date — including a $60 million Series B last year — while Carsome has $27 million and iCar Asia, from venture builder Catcha, has pulled in $39 million to date.

Each of that trio serves multiple markets across the region, not Indonesia exclusively, which is where Monteiro believes he can find an advantage. While he admitted that BeliMobilGue could have raised more money — it stuck to finding ‘smart money’ over amassing pools of cash, he said — he sees the existance of competition as win-win for the industry.

“Indonesia is a massive market,” he said. “Whether it is us, Carro or Carsome, the competition helps educate the market and it will get us new business. But, as much as I welcome them, I want that dominant position.”

Adding strategic investors like Tunas Toyota is, Monteiro believes another key differentiator.

“An investor like Tunas has 25-30 years of experience, so, for us, this partnership is golden. We’re quite content with the round and how it played out,” he said.

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Amazon’s Echo Wall Clock is back on sale after connectivity fix

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The Echo Wall Clock was first announced by Amazon in September and started shipping just before the holidays in December. Just over a month after the clock was first made available to buy, Amazon decided to pull it because of problems with Bluetooth connectivity. That feature is essential to the device’s function, as it needs to connect to another Echo device in order to operate with voice controls. With the fix, users will once again be able to set alarms and timers via Alexa that will be displayed on the 60 LED lights around the edge of the clock’s face.

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Audi helps you avoid red lights by suggesting speeds

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Speed suggestions and TLI are available as part of an Audi Connect Prime feature on 2017 and newer models outside of the A3 and TT. You’re still limited to using them in certain areas, however. TLI is currently available in 13 urban regions, including Dallas, Denver, Gainesville, Houston, Kansas City, Las Vegas, Los Angeles, New York (White Plains), Orlando, Phoenix, Portland, the San Francisco Bay Area (Palo Alto and Walnut Creek) and Washington, DC.

The technology could become more useful in the future, though. Future TLI upgrades might use a car’s automatic stop/start system to restart the engine when a red light is turning green, and a navigation tie-in could plan routes that minimize stops. Think of this as another small step toward autonomous cars. You might still have to take the wheel, but computers are minimizing many of the little annoyances.

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SoftBank and Mubadala grow closer – TechCrunch

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SoftBank and Mubadala grow closer – TechCrunch

The Japanese conglomerate SoftBank and Mubadala, the Abu Dhabi state investment company, have a closely intertwined relationship, and it’s one that the two are further cementing. According to the Financial Times, SoftBank has just committed half the capital for a new $400 million fund from Mubadala that aims to back European startups.

Industry observers might remember that Mubadala committed $15 billion to SoftBank’s massive Vision Fund as it was first being put together in 2017. Soon after, Mubadala opened a San Francisco office, as well as structured a $400 million fund designed to invest in early-stage startups to which SoftBank committed some capital.

The pact was understandable, including because Mubadala’s early-stage fund could theoretically provide SoftBank with a better idea of what’s happening at companies that are earlier in their trajectories than SoftBank typically sees. The move was also meant to better enable Mubadala to oversee the money it committed to SoftBank.

The newer fund appears to be raising questions, however.  At least, the FT notes that the timing is “unusual” given that SoftBank is currently saddled with $154 billion in gross debt. The new fund also “raises the prospect that Mubadala’s influence with the Vision Fund will only grow by allowing it to shape SoftBank’s tech investments,” as suggest the FT’s sources.

Yet SoftBank may not have much choice but to work increasingly closely with Abu Dhabi. As the company’s CEO, Masayoshi Son, said earlier this month, the Vision Fund has spent about $50 billion of its approximately $99 billion in capital. Given the rate at which it has been investing (it just plugged nearly $1 billion into a company last week), its remaining funds might not last through 2020.

Meanwhile, it isn’t clear whether SoftBank enjoys the solid relationship that it once did with the Vision Fund’s biggest anchor investor, the kingdom of Saudi Arabia, which provided SoftBank with a $45 billion commitment for its current fund and that SoftBank was largely counting on to be its biggest backer in a second Vision Fund.

On October 3rd of last year, Bloomberg journalists talked with Saudi Arabia’s Crown Prince Mohammed bin Salman (or MBS), and he said he planned to invest a further $45 billion in SoftBank. Yet what few knew then was that five days earlier, journalist and Saudi regime critic Jamal Khashoggi had vanished after going into the Saudi consulate in Istanbul. As questions, and concern, began to spread over MBS’s involvement in the disappearance, many business executives canceled plans to visit Riyadh, where Saudi Arabia hosted an investment conference in the middle of October. Son was among them, even as he tried hedging his bets by visiting privately with MBS in Riyadh the night before the event began.

Whether that move angered MBS remains to be seen. It also isn’t clear whether the CIA’s eventual findings that MBS ordered Khashoggi’s murder, or the unflattering attention paid to Saudi Arabia because of that murder, is impacting where SoftBank is able to invest its capital.

Son, for his part, declined to say earlier this month whether he would consider taking more money from Saudi sources — which is perhaps telling in itself.

In the meantime, it’s barreling ahead with Mubadala, which will reportedly use its new fund to write checks to European startups of between $5 million and $30 million.

As with Mubadala’s San Francisco-based team, the idea appears to be to act as a funnel for SoftBank’s Vision Fund, steering it deals that Mubadala’s team sees as the most promising in its portfolio.

Mubadala’s European venture fund will be run out of a new office in London, which is expected to open this spring. The Vision Fund is currently also headquartered in London, with another office in San Francisco and soon, offices expected in Shanghai, Beijing and Hong Kong.

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