East Ventures Reportedly Leads Moladin's Series A Funding

The automotive marketplace startup Moladin reportedly secured series A funding led by the previous investors, East Ventures. According to DailySocial's source, this round's nominal combined with the previous one has reached $4.5 million (approximately 65 billion Rupiah). The last round was announced in January 2020.

DailySocial tried to confirm with related parties, however, there is no feedback until this news was published.

In the latest round, participate also the previous round's investor, CyberAgent Capital, also some angel investors from Singapore entered the ranks of shareholders.

Moladin is led by Jovin Hoon and Mario Tanamas since November 2017. In the beginning, the platform focused on selling new motorcycles, and recently expanding its services to used motorcycles and new cars. The company works closely with dealers and leasing agencies to facilitate the purchasing process. The dealership locations are available across Greater Jakarta, Bandung, Solo, Yogyakarta and Semarang.

The company also provides cash fund services for consumers, in partnership with leasing companies, for loans starting from Rp3 million with a motorcycle's license collateral from 2012, and up to Rp20 million with a car's license issued from 2004.

“Since 2018, Moladin has managed to proceed transactions over IDR 290 billion. We also have 8 thousand Moladin agents work across major cities to help increase sales," Jovin said as quoted from Kompas.com.

Automotive Industry

The year 2020 is a challenging period for many sectors, including the automotive industry. This is reflected in data released by the Association of Indonesian Automotive Industries (Gaikindo), wholesale car sales (sales from factories to dealers) decreased by 48.35% YOY, while retail car sales decreased by 44.55%.

Furthermore, conditions began to improve this year, marked by total national car sales rising 33.5% to 393,469 units in the first semester of 2021. Same condition applies in motorcycle sales. Quoting from the Indonesian Motorcycle Industry Association (AISI), more than 2.45 million units of motorcycles were shipped to the market.

Compared to the same period in the previous year, motorcycle sales were only 1.88 million units. Motorcycle sales contributors came from automatic scooters (86.61%), motorbikes (6.95%), and sport motorbikes (6.24%).

In terms of startup, this automotive marketplace vertical involved many players. Those are OLX Autos, Carro, Carsome, Garasi.id, Otoasia, Mobil123, Carmudi, Rajamobil, Oto.com, and many more.

Vehicle marketplace ecosystem / MomentumWorks

In the (C2B) purchasing and (B2C) selling used cars segment, Carro competes directly with Carsome — both are regional players who also have business bases in Indonesia and a number of countries.

The business model is quite similar, for C2B they buy consumer cars instantly by conducting thorough inspections. The company provides checkpoints at strategic locations — purchase requests can be made via the website. The cars purchased are then sold to car dealer owners for re-marketing.

As for the B2C model, the cars that were successfully purchased and inspected were re-sold through their digital platform. The value proposition lies in the result of inspection, considering that the goods being sold are used. They also work with financial institutions to peddle credit schemes.

–Original article is in Indonesian, translated by Kristin Siagian