Singapore car sales platform Carro raises $60mn funding

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”.

Share

Featured Articles

How India is bucking the global dealmaking downturn

M&A deal volume and value reach record highs in India in 2022, despite slower dealmaking globally – as scope activity and acquisitions in renewables surge

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

Leadership & Strategy

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress

Technology