iMotorbike Raises $2.6M in Series A Round, Paving the Way for Enhanced Preowned Motorcyles Trading in Southeast Asia

From Left Gobi Partners Managing Partner (Malaysia), Jamaludin Bujang , iMotorbike Co-founder and Chief Marketing Officer, Sharmeen Looi, iMotorbike Co-founder and Chief Executive Officer, Gil Carmo and Gobi Partners Co-founder and Chairperson, Thomas Tsao

KUALA LUMPUR, 28 June 2023: iMotorbike, Southeast Asia’s pioneer e-commerce platform for shopping for and promoting preowned bikes, right this moment introduced that it has raised RM12 million (US$2.6 million) (US$1 = RM4.6125) in its Series A funding spherical led by Gobi Partners and Ondine Capital.

The funding spherical noticed returning participation from Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV’s Orbit Startup; new buyers Goodwater Capital, Seedstars International Ventures and Permodalan Negeri Selangor Berhad (PNSB); in addition to different institutional enterprise capitalists.

iMotorbike, which allows customers to purchase and promote preowned bikes on a safe market, was based by entrepreneurs Gil Carmo and Sharmeen Looi to handle the hole in the two-wheeler market. iMotorbike’s platform is quick, environment friendly and protected, providing money-back assure and warranties.

iMotorbike generated over 2,500 transactions with complete income of greater than RM16 million (US$3.5 million). With connections of 5,000 sellers throughout Malaysia and Vietnam, it additionally gives financing choice, insurance coverage and highway tax for customers’ comfort.

The Series A funds shall be used to strengthen the iMotorbike operations in Malaysia and Vietnam, together with opening extra inspection centres in each international locations; in addition to for expertise and expertise investments.

iMotorbike co-founder & CEO Gil Carmo stated the profitable fundraise is a testomony to the enterprise of the motor buying and selling platform.

“This infusion of capital shall be instrumental in fueling the subsequent part of progress for the firm,
as we spearhead the transition in direction of a round economic system in the two-wheeler market. We will increase our efforts to advertise sustainability, create a strong ecosystem for the reusing of bikes, elements and equipment to reshape the way forward for mobility”.

“We are customer-obsessed. We drive our technique by enhancing buyer expertise in each side of our enterprise, therefore this is the reason we’re opening extra inspection centres. The worth of what we’re constructing is exhibiting from the good buyer suggestions we get each day,” stated Carmo.

Gobi Partners co-founder and chairperson, Thomas Tsao, has a optimistic outlook on the potential for substantial progress in iMotorbike given the measurement of the Southeast Asian market.

“iMotorbike serves as a superb instance of a round economic system startup, with the potential to grow to be a significant participant in the two-wheeler business. In Malaysia alone, there are 1:1 bikes for each automotive, and this ratio will increase to six.5X in Indonesia and a staggering 14.2X in Vietnam. This represents a mixed market measurement of 216 million bikes which iMotorbike is poised to faucet into,” stated Tsao.

Ondine Capital founding accomplice Randolph Hsu stated its newest funding into iMotorbike aligns completely with its focus to fund Southeast Asian startups with client expertise.

“We are all the time on the lookout for promising startups with a novel worth proposition. iMotorbike has stood out with its market traction, stemming from its mission to enhance the preloved motorcycle market. We are excited to be a part of their progress journey,” stated Hsu.

“We are thrilled to assist iMotorbike’s imaginative and prescient of revolutionizing the preowned bike market and contributing to the round economic system. With their sturdy execution and the immense alternative in Southeast Asia, we consider they’re properly positioned to grow to be a significant participant in the business,” shared Patricia Sosrodjojo, General Partner at Seedstars International Ventures.

To date, iMotorbike has secured a complete of RM19.3 million (US$4.2 million) since its pre-seed funding spherical.

With rising inflation, increased value of residing amid surging gasoline costs, iMotorbike expects to see extra folks turning to bike as a mode of transportation and as a method of producing revenue. Two-wheelers stay a viable, low-maintenance choice for many commuters and e-commerce riders and iMotorbike is well-positioned to capitalise on this immense potential.

Entering the subsequent thrilling part of progress, iMotorbike is poised to proceed revolutionising the preowned bike panorama. The startup stays dedicated to its imaginative and prescient of tackling 4 ache factors of shopping for and promoting preowned bike – reliability, transparency, market fragmentation and time consumption.

iMotorbike presents a quick, safe, straightforward and hassle-free on-line expertise with 170 inspection factors, 6 days return, 6 months guarantee, countrywide supply and a bundle of finance, highway tax and insurance coverage. Additionally, it additionally gives shoppers with the newest bike information.