South-East Asia’s largest automotive marketplace Carro is the newest Unicorn in the region. A full-stack service for all aspects of car ownership, Carro has raised USD $360 million in a Series C funding round led by SoftBank Vision Fund. Indonesian fund EV Growth and insurance firm MSIG. Before this, Carro had raised about USD $90 million in August 2019.
Founded in 2015, the online marketplace for buying and selling cars has become the first Unicorn in the segment.
“…As digitalization shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro,” said Aaron Tan, CEO, and Founder of Carro, in a statement.
Carro’s fresh funding will go towards acquisitions, expansion of its financial services portfolio, and developing AI capabilities used to showcase cars online, develop pricing models and determine how much to charge insurance policyholders. It also plans expansion into Indonesia, Thailand, and Malaysia.
“Carro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers. Powered by AI, Carro’s technology platform provides consumers with full-stack services and transparency throughout the car ownership process,” said Greg Moon, Managing Partner of SoftBank Investment Advisers.
The Singapore-based startup has closed its financial year ending March 2021 with over a 2.5x growth in revenue and continues to be EBITDA positive for the second consecutive year.