Aussie entrepreneurs aim to create the Carsales of south-east Asia. Yolanda Redrup, 29/3/16
Two Australian entrepreneurs are spending millions of dollars acquiring the assets of south-east Asia’s car-selling websites. KSK Private Equity founder Rael Ross and web design business Light Media co-founder Renato Dayan have joined forces to buy the leading car and bike sales website in the Philippines, Tsikot, through their company Now Web Solutions. They have previously tried to aquire the business in 2011 for $3 million, and how now being successful in an undisclosed deal. They are looking to upgrade the business’s outdated website and image and are also looking to acquire small business in Hong Kong and Myanmar to further the enterprise. The pair believe that they are well placed to make a solid return on their investment, with rivalling competitor icar Asia growing by 123% in 2015 and boasting estimated 7.6 million client base monthly on their website, and the Australian pair believe that the market is only just maturing in Asia for online car sales and that they could be set to accommodate for this growing market with their more modern and advanced technology.
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