Singapore car sales platform Carro raises $60mn funding

By BizClik Admin

Carro, a Southeast Asian online car sales platform, has closed its series B funding round with a total of $60mn raised.

Carro, which is based in Singapore, provides an online marketplace for used cars and auto finance. The company operates across Singapore, Indonesia and Thailand.

The round was led by B Capital Group, Insignia Ventures Partners and Softbank Ventures Korea. Existing investors who also participated in the Series B round included Alpha JWC, Golden Gate Ventures, Singtel Innov8 and Venturra Capital.

See also:

Goldman Sachs leads $300mn investment in Chinese online car sales platform, RenRenChe

Auto China 2018: Bosch showcases connected mobility solutions following 25% rise in sales

Business Chief, Asia edition – read the May issue here

The company also added members to its board following the funding round: Eduardo Saverin, who is partner at B Capital and co-founded Facebook; Tan Yinglan, previously partner at Sequoia Capital; and Sean Lee, partner at Softbank Ventures Korea.

Reportedly, Carro handled over $250mn worth of transactions through its vehicle marketplace last year, and its auto financing platform, Genie, processed $100mn in loan requests.

Founder and CEO Aaron Tan stated that the new funding will be used to “double down on our online marketplaces and financing in emerging markets”.


Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance