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Indonesian Car Sales Site Mobilkamu Raises Seed Funding From Denali Partners and East Ventures

Mobilkamu

Personalized end-to-end solution for car buyers Mobilkamu has secured an undisclosed amount of seed funding from early stage venture capital firm Denali Partners and East Ventures.

East Ventures is the leading fundraising company in Indonesia, Singapore and Japan. Meanwhile, Denali Partners (Denali Mitra) is an angel company based in Indonesia founded Chris Angkasa.

Mobilkamu is founded in 2015 by CEO Wilton Halim and COO Kalen Iselt as an online car financing platform that looks to assist consumers in finding cars via personalized experience that sees the platform curating the best deals for them.

Halim has a background in Australia-based The Exchange Group and previously founded PerabotIndonesia, while Iselt previously worked for the Australian marketplaces Bike Exchange and car platform CarDeals2U.

Mobilkamu aims to enable first-time car buyers in Indonesia, who are price-sensitive to enjoy savings and low financing rates on their platform through the selection of several financing options.

Halim told this portal, “We initially moved to Indonesia with the idea to work only with new car dealerships, and to help people find the largest discount between individual dealers.”

“We soon realized that while there is some money to be saved by comparing dealers, the real help we should provide to customers was with new car financing, where we could save customers much more than just a few million rupiah.”

It was this mission that led the startup to begin cooperating with financing companies and eventually leading them to have a large network of both partner dealerships and finance companies to help provide the best price for our customers.

Besides, this seed round will also see them opening offices in Tangerang and Bekasi to expand their reach throughout different areas of Jakarta. By March 2018, the startup plans to expand to other large Indonesian cities with a high demand for vehicles – not just limited to within Java, but also in Surabaya, Bandung, and Medan as well.

Commenting on the investment, Denali Partners’ Chris Angkasa said, “Mobilku has a strategic position to improve the car-buying process and access in Indonesia. There are many problems to be solved in the industry, and they can bring many solutions to improve existing ecosystem.”

Since Mobilkamu has received funding, the startup has secured an exclusive partnership with Bukalapak to manage “Bukamobil”. The team is in the process of reaching more than half a million dollars in revenue in 2017 alone and will use the funding to continue its expansion to more towns in Indonesia.

When talking about their exit plans, Halim said: “At this stage, we are still focused on expanding operations throughout Jakarta and beyond, but we see that our technology will be a big part of what makes us successful in the longer term and bring value to our company in the future.”

Despite there being a lot of online car classifieds right now, the startup is more focused on placing itself as a platform to provide leads to dealers (for both new and used cars), as well as creating new car sales. The startup presents a viable business model and valuable service as opposed to other business which focuses on mass advertising of vehicles only.

By 2017, Mobilkamu is already in a profit position of over half a million dollars.

MoneyMax to purchase stakes in 13 Malaysian pawnbrokers for US$13.5 million

MoneyMax, Malaysia pawnshop
MoneyMax to purchase stakes in 13 pawnbrokers in Malaysia for US$13.5 million

MoneyMax

MoneyMax Financial Services, a pawnbroking operator has recently took up interest stakes in 13 Malaysian pawnbrokers from CMS Top Holdings Sdn Bhd at an amount of RM56.6 million (about US$13.5 million).

The acquisition of stakes will be made through its wholly-owned subsidiary Cash Online Sdn Bhd with its transaction being funded through internal resources.

According to the group, this will provide the company with expansion of its geographical network to extend into the pawnbroking operations in Malaysia.

Completion of the proposed acquisition is also conditional upon MoneyMax being satisfied with the outcome of the valuation of the unredeemed pledges in the target companies and approval from \relevant authorities.

Listed on the Singapore’s Catalist board, MoneyMax specializes in pawnbroking, retail, and trading in pre-owned jewelry, watches, and branded goods.

For 12 months till 31st December 2016, the Malaysian pawnbroking firms has posted an aggregate net loss of about RM1.02 million (about US$245k) and net tangible assets of approximately RM50.1 million.

With the assumption that the proposed acquisition has been in effect as of Jan 1, 2016, financial effects of the deal on the earnings per share of the group is not material, MoneyMax said on Tuesday.

Separately, Chong Mei Sang who established a joint venture (JV) with MoneyMax in 2014 to conduct pawnbroking in Malaysia is also planning to acquire about 1.96 million shares each in the capital of the target companies including Pajak Gadai Bukit Gambir Sdn Bhd and Pajak Gadai Senai Sdn Bhd.