This confirms a DealStreetAsia report in December that the company was raising more than $200 million for its pre-IPO round. The fresh funding will be used to further invest in people, products, and technology, and for regional expansion of Carsome’s retail brand, the company said. Both firms announced plans to combine forces back in July of last year, with an aim to complete the process by the end-2021. Carsome said the latest round, which raised its valuation to approximately $1.7 billion, was jointly led by Temasek-backed investment firm Seatown Holdings, Qatar Investment Authority, and 65 Equity Partners.