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Indonesia’s automotive sector is on the cusp of a major digital transformation, and we’re proud to continue to support Broom in driving that change. Broom recently secured a US$25 million series A+ funding round led by Openspace to push forward its vision of modernizing the used car market in Indonesia. Quona Capital, AC Ventures, PKSHA Capital, and MUFG Innovation Partners also participated in the round.
“We are pleased to continue to support Broom in the process of digitizing the traditional automotive sector, by focusing on providing better financing solutions and other solutions that benefit dealers, who are the backbone of the industry. We believe that the Broom team has proven their ability to make this transformation happen,” said Ayu Tanoesoedibjo, Executive Director of Openspace.
Indonesia’s automotive landscape has traditionally been dominated by individual sellers and small family-owned businesses, often with outdated systems and limited access to capital. Broom aims to empower used car dealers in Indonesia with its flagship service Buyback which allows dealers to temporarily sell their vehicle stock to raise working capital and optimize their inventory. This financial flexibility has supported over 7,000 small and medium-sized dealerships in enhancing liquidity and operations and has disbursed Rp1.1 trillion ($72.5 million) fund in just the first half of 2024.
Their new Broom Leasing Channeling (BLC) service launched in the fourth quarter of 2023 has already captured a quarter of the market share, generating over $17 million in revenue in the first half of 2024 alone. This shows the value of flexible financing options Broom offers and also has been the key driver of Broom’s success in the sector.
With this funding round, Broom will continue to expand across Western and Eastern Indonesia, increasing its footprint and enhancing partnerships with key stakeholders. This includes collaborations with 23 multi-finance companies to introduce API integrations, streamlining the transaction processes and reducing friction for both dealers and customers.
As Indonesia's used car market continues its double-digit growth, Broom’s ability to secure new capital in today’s market conditions reflects its strong performance and promising future. With the market projected to exceed $70.5 billion by 2028, Broom’s focus on enhancing dealership operations and delivering efficient financial solutions puts it in a prime position to lead the industry.
At Openspace, we’re looking forward to supporting Broom and its leadership team in reshaping the industry from the ground up and empowering Indonesian auto dealers to better grow their businesses.
#activeintelligence
Indonesia’s automotive sector is on the cusp of a major digital transformation, and we’re proud to continue to support Broom in driving that change. Broom recently secured a US$25 million series A+ funding round led by Openspace to push forward its vision of modernizing the used car market in Indonesia. Quona Capital, AC Ventures, PKSHA Capital, and MUFG Innovation Partners also participated in the round.
“We are pleased to continue to support Broom in the process of digitizing the traditional automotive sector, by focusing on providing better financing solutions and other solutions that benefit dealers, who are the backbone of the industry. We believe that the Broom team has proven their ability to make this transformation happen,” said Ayu Tanoesoedibjo, Executive Director of Openspace.
Indonesia’s automotive landscape has traditionally been dominated by individual sellers and small family-owned businesses, often with outdated systems and limited access to capital. Broom aims to empower used car dealers in Indonesia with its flagship service Buyback which allows dealers to temporarily sell their vehicle stock to raise working capital and optimize their inventory. This financial flexibility has supported over 7,000 small and medium-sized dealerships in enhancing liquidity and operations and has disbursed Rp1.1 trillion ($72.5 million) fund in just the first half of 2024.
Their new Broom Leasing Channeling (BLC) service launched in the fourth quarter of 2023 has already captured a quarter of the market share, generating over $17 million in revenue in the first half of 2024 alone. This shows the value of flexible financing options Broom offers and also has been the key driver of Broom’s success in the sector.
With this funding round, Broom will continue to expand across Western and Eastern Indonesia, increasing its footprint and enhancing partnerships with key stakeholders. This includes collaborations with 23 multi-finance companies to introduce API integrations, streamlining the transaction processes and reducing friction for both dealers and customers.
As Indonesia's used car market continues its double-digit growth, Broom’s ability to secure new capital in today’s market conditions reflects its strong performance and promising future. With the market projected to exceed $70.5 billion by 2028, Broom’s focus on enhancing dealership operations and delivering efficient financial solutions puts it in a prime position to lead the industry.
At Openspace, we’re looking forward to supporting Broom and its leadership team in reshaping the industry from the ground up and empowering Indonesian auto dealers to better grow their businesses.
#activeintelligence
