The Used Car Sales Platform TiinTiin.id Secures Seed Funding Worth of 36 Billion Rupiah
This company led by BeliMobilGue's Founder & former CEO, Rolf X. Monteiro
Randi Eka - 8 July 2020
TiinTiin.id.id, began its journey by introducing an online platform for used cars and motorcycles on sale. It uses the auction system, allowing registered agents to bid on desired vehicles at the best price.
In its debut, the company secured US$ 2.5 million funding or equivalent to 36 billion Rupiah. The first round was led by their own CEO Rolf Monteiro, supported by Amand Ventures and PT Luminary Media Nusantara.
Currently, TiinTiin.id applied Consumer to Business (C2B) as a business model, however, they will start adding B2B2C models after this funding, particularly for motorcycle. The plan is to be realized in Q4 this year.
They are quite optimistic about business growth, as the research showed, the used vehicle sales market in Southeast Asia will reach US$ 32 billion. On that reason, TiinTiin.id is quite ambitious for regional expansion in 2021.
TiinTiin.id was founded by Rolf X. Monteiro, a Dutch-Indonesian businessman. Previously, he was known as the founder and CEO of BeliMobilGue, a portal that offers a similar business concept. He “exit” 26 months after the business started, after the majority of shares were acquired by the OLX group. Recently, BeliMobilGue also announced a rebranding to OLX Autos as a result of the corporate action. Aside from TiinTiin.id, he also serves as CEO of SEAuto Group.
To date, TiinTiin.id has a retail network in the Greater Jakarta area. Since it was launched at the Q2 2020, they claim to have collected nearly US$ 7 million GMV.
“Covid-19 forced buyers to reconsider buying a new car, while the used car market surged. Some people decided not to use public transportation, others might need to switch their vehicles. This led to a surge in used car sales this year. This is in line with the world trend, used car sales rose 106% in the period May to April, and 13.3% year-on-year,” Monteiro said.
In 2018, the DSResearch team presented interesting survey results related to digital platforms for vehicle purchases titled Car Marketplace Survey 2018 report. As many as 96.02% of respondents said using a digital platform to search, buy or sell their cars. While BeliMobilGue (44.24%), CarSome (24.52%), and Carro (20.71) became the most popular platforms for selling cars.
Original article is in Indonesian, translated by Kristin Siagian