S’pore startup Carro raises US$360M in funding, also eyeing IPO

Singaporean startup Carro said on Tuesday (June 15) that it had raised US $ 360 million (S $ 477.62 million) in its latest round of funding led by SoftBank Vision Fund 2.

Southeast Asia’s online auto market has passed the $ 1 billion mark to become the region’s latest unicorn.

“The company’s valuation is well over $ 1 billion,” Carro CEO and founder Aaron Tan told Reuters. He did not provide an exact assessment.

In a statement, Carro said it closed its fiscal year (FYE) in March 2021 growing more than 2.5 times its annual revenue and continues to post positive EBITDA for the second year in a row. .

It was also named the fastest growing company in Asia-Pacific in 2021 by the Financial Times and Statista.

Since its inception in 2015, Carro has raised over US $ 400 million in equity and US $ 200 million in debt. Its previous investors include SoftBank Ventures Asia, EDBI Pte, Insignia Ventures Partners and B Capital Group.

This is an important step for us. We are grateful for the strong support of our investors, who reaffirms our belief in the transformative power of AI in the automotive industry to deliver exceptional customer experiences. As digitization shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online automotive market like Carro.

Aaron Tan, CEO and Founder of Carro

The largest auto market in Southeast Asia

Carro financing
Aaron Tan, co-founder and CEO of Carro / Image credit: China Money Network

Carro’s platform enables consumers and wholesalers to buy and sell vehicles while providing insurance and financing services.

Carro will use the new funds to expand into new locations and expand its business in its existing markets – Indonesia, Thailand, Malaysia and Singapore.

It also plans to expand its financial services portfolio and accelerate the development of artificial intelligence capabilities.

The company is also considering an initial public offering in the next 18-24 months in the United States.

Featured Image Credit: Carro

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