Moladin Received Pre-Series A Funding from Angel Investors
Moladin, a motorcycle e-commerce startup based in Indonesia, received pre-series A funding with an undisclosed value. In this round, in addition to several angel investors, Cyber Agent Capital is also a new investor.
The funds will be used to accelerate the improvement of existing products and to build new features in the category of new car sales and automatic mortgage loans, as well as expansion to new cities.
Moladin also facilitated an automotive mortgage loan in December 2019 and to date has distributed loans of around US $ 60,000.
Previously, in July 2018 Moladin raised US $ 1.2 million from East Ventures, Berjaya Group based in Malaysia, and Ethos Partners based in Singapore to expand his team and grow regionally.
Moladin COO, Mario Tanamas, explained, “From the beginning, Moladin has continued to improve its products and innovate to answer the needs of all Indonesian motorists,” he explained.
“This is in line with Moladin’s vision to become a one-stop automotive platform and an inseparable part of the lifestyle of Indonesian motorists,” continued Mario.
East Ventures Leads Pre Series A Funding in Moladin
Venture capital company, East Ventures is leading Pre-Series A funding in e-commerce startups related to Moladin motorcycles. Cyber Agent Capital is also involved in the investment.
This time, Moladin wants to use the fresh funds to improve products and expand markets.
One of them, Moladin wants to develop brand-new features on its platform such as the new car sales category and financing for motorcycle purchases. This startup will also expand to several cities.
“Since it was first established, Moladin has never stopped updating products and innovating in presenting solutions for the needs of every biker in Indonesia,” COO Moladin Mario Tanamas said in a press release yesterday (1/16).
Moladin focuses on providing end-to-end services, from product search to payment in one platform. Therefore, they provide information features about motorcycles, spare parts to the directory of repair shops for the nearest service.
“Moladin’s vision is a one-stop solution platform and an inseparable part of the lifestyle of Indonesian bikers,” said Mario.
Overall, motorcycle sales in Indonesia reached 6.5 million units in 2019. That number increased by around 2% compared to the previous year. The plan, the government wants to increase motorcycle production to 10 million units per year until 2025.
East Ventures partner Melisa Irene is optimistic that Moladin can be the leader of this industry. According to him, the Moladin team showed a significant increase in performance in the last two years.
Moladin Changes People’s Way to Shop Motorcycle
Moladin, an e-commerce startup was founded in 2017, starting with providing a platform for Indonesian consumers to buy new motorbikes online.
Their platform allows customers to transact and complete their purchases on one platform, get information about motorbikes and bicycles, provide an online directory for motorcyclists to find the nearest service shop, and the community to exchange reviews on parts and clothing.
In May 2019, the company began to open its platform for used motorcycles. The feature, the company claims, immediately attracted more than 8,000 listings with one third of it quickly sold in less than seven months.
The company also began facilitating cash loans with collateral for the Vehicle Ownership Book (BPKB) in December 2019. Moladin has also channeled US $ 60 thousand or around Rp818.4 million through this feature.
Cyber Agent Capital’s Managing Director, Nobuaki Kitagawa, said “The industry (motorcycle sales) itself is still operating traditionally where people have to physically visit different dealers just to get the particular type or model of motorcycle they want,” he said.
“We believe that Moladin can revolutionize the way people shop for motorbikes and become the number one all-in-one platform for all things related to motorcycles,” said Nobuaki Kitagawa.