A bit old, dated 2nd Sept, and badly written, but it has some...

A bit old, dated 2nd Sept, and badly written, but it has some quotes from P Grove and H Stone.

"We see the need to increase some of the investment in product development, marketing and in our sales forces, to deal drive iCar Asia to the potential it has over the next few years," Mr Stone said.

Vehicle ownership per 1000 people is at just 113 million across iCar Asia's markets, compared with 730 per 1000 in Australia, while percentage of car advertising spend online in Malaysia, Thailand and Indonesia is just 10 per cent compared with 47 per cent in Australia.

"We think the opportunity is huge, the markets we're in are kinda of going through a mini recession, we thought now was an opportunistic time to double down and invest," Mr Grove, whose Catcha Group owns 28.6 per cent of iCar Asia, told the Financial Review.

Carsales, which owns 20.1 per cent of iCar Asia, is understood to be mulling over whether it will participate in the raise and has the option to for another month.