Carsome Responds to MoF Letter Backlash, IPO Concerns and Profitability Criticisms

Last week, Carsome announced that following its new financing round, its liquidity position rose to US$200 million (around RM922 million). This announcement comes after the Malaysian Unicorn received backlash and criticism for apparently petitioning the Ministry of Finance to recommend Malaysia's sovereign wealth funds, government-linked investment companies (GLICs) and GLCs to invest in Carsome.

The company issued a statement to clarify that it wasn’t soliciting or petitioning the Ministry of Finance for funding, but that it instead was encouraging Malaysian institutional participation.

Carsome’s CEO and Co-Founder Eric Cheng joins us to get into concerns and criticisms around their latest funding round, the makeup of their $200 million liquidity position, IPO plans, and the reported request of the Ministry of Finance to encourage investment from Malaysian GLCs and GLICs.