The archive · Money & Fintech · Financial decision · 2021–2026
Broom's dealer-financing bet: $25M Series A+, 7,000 showrooms, Rp1.1T disbursed
Indonesia's Broom sells used-car dealers temporary 'buyback' financing, not consumer listings; 7,000+ showrooms, $25M Series A+ led by Openspace (2024).
Broom
What the business is
Broom is a Jakarta fintech that gives used-car showrooms working capital through 'Buyback' (a temporary sale with a repurchase option), dealer-to-dealer trading, and a leasing-channeling app.
Starting capital：$13M equity by March 2023 (incl. $10M pre-Series A led by Openspace) plus $12M debt from DBS Indonesia and BRI; $25M Series A+ led by Openspace closed October 2024 with Quona Capital, AC Ventures, PKSHA Capital and MUFG Innovation Partners.
How it started
Pandu Adi Laras wanted to sell his car for cash to renovate his house, but dealers told him they had no working capital and could only offer trade-ins. With CFO Andreas Sutanto he founded Broom in June 2021 to give showrooms inventory liquidity; the Buyback service launched in 2022.
What happened
Buyback lets a dealer temporarily sell stock to Broom, keep the car in the showroom, and repurchase it at a slightly higher price — Broom claimed dealers tripled inventory, sales and profitability. The $10M pre-Series A (March 2023) funded a first offline showroom; the $25M Series A+ (October 2024) funded expansion across Western and Eastern Indonesia plus API partnerships with 23 multi-finance companies. Broom Leasing Channeling, launched Q4 2023, claimed a quarter market share and $17M+ revenue in H1 2024.
How it ended up
Still scaling: as of 2026 Broom runs from nine Indonesian cities (including BroomHive consignment showrooms), and its site claims 7,700+ showrooms trust the platform with 92% repeat usage.
Background
Broom is a Jakarta fintech that gives Indonesia's fragmented used-car showrooms working capital through 'Buyback' — a temporary sale with a repurchase option that is not a loan — plus dealer-to-dealer trading and a leasing-channeling app. Founder Pandu Adi Laras started it in June 2021 with CFO Andreas Sutanto after dealers told him they could not buy his car because they had no cash, only trade-in offers.
Buyback launched in 2022: dealers temporarily sell stock to Broom, keep the cars in the showroom, and repurchase at a slightly higher price. Broom said dealers tripled inventory, sales and profitability. A $10M pre-Series A led by Openspace (March 2023, per TechCrunch) brought total equity to $13M, with $12M in debt from DBS Indonesia and BRI, and funded a first offline showroom pilot.
The bet scaled: in October 2024 Broom closed a $25M Series A+ led by Openspace with Quona Capital, AC Ventures, PKSHA Capital and MUFG Innovation Partners. By then it had supported 7,000+ small dealerships, disbursed Rp1.1 trillion ($72.5M) in H1 2024, and its leasing-channeling service, launched Q4 2023, claimed a quarter market share and $17M+ H1 revenue, with API partnerships across 23 multi-finance companies.
As of September 2026 Broom is still expanding: it lists offices and BroomHive consignment showrooms in nine Indonesian cities and its website claims 7,700+ showrooms trust the platform with 92% repeat usage. All growth and disbursement figures are company- and investor-reported.
What has to be true
- Broom targeted the mom-and-pop dealers that Carro, Carsome and OLX ignored, so it faced less competition for the same customers.
- Buyback is structured as a temporary sale, not a loan, sidestepping lending-license friction and giving dealers cash without new debt.
- Financing-first made the app a daily business tool — 7,000+ dealers and Rp1.1T disbursed in H1 2024 — rather than a discovery channel.
- Each product (Buyback, leasing channeling, consignment) attacked a separate showroom bottleneck, widening revenue per dealer.
What can be applied
Pick the painful job-to-be-done (cash flow), not the visible one (listings); sell to fragmented incumbents, and financing becomes the wedge for everything else.
Aftermath
As of September 2026 Broom is still operating and expanding: its site lists offices and BroomHive consignment showrooms in nine Indonesian cities and claims 7,700+ showrooms with 92% repeat usage and up to 5x transaction growth within three months. Funding and disbursement figures are company- and investor-reported; no public exit or shutdown has been announced.
Sources
- Indonesia's Broom builds out automated asset-backed lending for used car dealers
- Broom Raises US$25 in Series A+ Led by Openspace to Accelerate Indonesia's Automotive Sector
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