Two Australian entrepreneurs are spending millions of dollars acquiring the assets of south-east Asia’s car-selling websites, aiming to transform them into “the Carsales of Asia”.
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, which is headquartered in Singapore but operated from Melbourne.
The terms of the deal were not disclosed but MIH, the majority owner of Philippines-based eBay-like site OLX, had previously been unsuccessful in an attempt to acquire Tsikot for about $3 million in 2011.
Mr Ross said the duo had experience in classifieds and a passion for the automotive industry, and were looking to take lessons from successful online operations in Australia and deploy them across Asia.
Source: AFR
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