Broom’s core product is Buyback, a temporary car sale service with a repurchasing option that provides short-term working capital and enables dealer-to-dealer trading through its app. Launched in 2022, Buyback is designed to optimize inventory turnover and make dealer inventory management more efficient; the company says dealers using the platform typically triple inventory size, sales and profitability. Broom focuses on empowering existing used-car dealers in Indonesia (its primary market) and has soft-launched an offline showroom to showcase dealer inventory to end customers. The startup plans to build an intelligence model for assessing car quality and to diversify its product offering. Broom employs 120 people and says more than 5,000 used car dealers use its platform, contributing approximately 30.6% of new automotive sales in Southeast Asia. The used car market in Indonesia is estimated at $65 billion and is expected to reach $70.3 billion by 2027, which the company cites as market opportunity. Broom offers a single platform that helps used-car dealers digitize business processes, manage inventories, access financing, and deploy sell-side tools. Its product suite includes operational enhancements, online sales enablers, and short-term financing facilitated through partnerships with financial institutions. The company partners with lenders to provide productive financing that uses inventory as collateral and enables fast approvals. Broom reports a network of 2,000+ used-car dealerships in the Jabodetabek area and has partnerships with institutions such as BRI Finance and BRI Insurance. The founding team combines mobility and dealership experience, including a former Go-Fleet COO and a large BMW dealer owner. Broom plans to use new funding to improve customer experience with tech-based products, expand into major Indonesian cities, and double its team by the end of 2022.

Total raised

$13M

Funding rounds

2

Latest round

Series A

Latest activity

Mar 2023