East Ventures, Berjaya Group and Ethos Partners are the investors in this funding round
Moladin, an e-commerce platform for buying motorcycles in Indonesia, announced today that it has secured US$1.2 million funding from East Ventures, Malaysia-based Berjaya Group and UK-based Ethos Partners to expand its team and grow regionally.
Launched in 2017, Moladin helps consumers get information about motorcycles and bikes and buy them online. The startup has partnered with over 40 dealers and several big financing companies in the country to provide consumers with various options and discounts.
The platform also offers an online workshop directory for bikers to find servicing workshop nearby, a forum to ask and answer any questions about motorcycles, and a place for bikers to leave reviews on spare parts and apparels.
With multiple payment options, the company claims to have completed over US$ 1 million in transactions and grow 20-30 per cent every month.
Jovin Hoon, Co-founder of Moladin, said: “Before Moladin, buying motorcycles from dealerships is extremely time consuming and cumbersome. Consumers are expected to make two to three visits to dealerships, to deal with the complicated process of purchasing, financing and plate number registration. Moladin eliminates this hassle by handling the whole process for the consumers without them having to step into any dealership. Another factor that propels Moladin’s growth is also the huge discounts they are offering to consumers.”
Willson Cuaca, Managing Partner of East Ventures, commented: “Moladin smooths out the process of buying a motorcycle by working together with network of dealers and financiers. Potential buyers don’t have to travel far and wait a long time to buy a motorcycle. Moladin’s volume of sales in May 2018 has tripled since their start in January. This represents the growing confidence of customer buying motorcycles from Moladin. There is plenty room for growth in the motorcycle industry. We believe that their business model will dominate the market as more people become comfortable buying motorcycles digitally.”
East Ventures is an early-stage VC firm focused on Southeast Asia and Japan. Over several years, East Ventures has invested in hundreds of companies in Indonesia, Singapore, Japan, Malaysia, and Thailand, including Tokopedia, Traveloka, Mercari, Disdus (acquired by Groupon), Kudo (acquired by Grab), Tech in Asia, Omise, IDNTimes, Ruangguru, Jurnal, Cermati, MokaPOS, ShopBack, EVHive, Pasar Polis and Loket (acquired by Gojek).
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