Carro (online car marketplace)

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Carro
Company type
Private
Founded2015; 10 years ago (2015) in Singapore
FoundersAaron Tan, Aditya Lesmana, Kelvin Chng
Area served
Southeast Asia
Websitecarro.co

Carro is an online marketplace for buying and selling new and used cars headquartered in Singapore and operates in Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.[1]

History

Carro was co-founded in 2015 by Aaron Tan and his Carnegie Mellon University classmates Aditya Lesmana and Kelvin Chng.[2][3]

In 2016, Carro received $5.3 million in a series A

funding round led by Venturra Capital and other investors including Golden Gate Ventures, Alpha JWC and GMO Ventures.[4] In May 2018, Carro raised $60 million in a series B round led by Softbank Ventures Korea, Insignia Ventures Partners, Singtel Innov8 and B Capital.[5][6] In August 2019, Carro raised $30 million in a round of series B funding and used the funds to acquire the Indonesian e-commerce site Jualo.com.[6] In September, Carro announced the inception of its operations in Malaysia through a $30 million investment into the car-bidding online platform Carro Malaysia (formerly myTukar).[7][8]

In June 2021, Carro received $360 million in a C funding round which raised its valuation to $1 billion led by SoftBank.

Temasek Holdings and Malaysian fund manager and Permodalan Nasional Berhad (PNB) led a Series C round for Carro which raised more than $100 million, other investors included Sime Darby, Shinhan Financial Group and Mirae Asset.[11][12]

In June 2022, Carro acquired a 50% stake in the rental unit of the Indonesian automotive group, PT Mitra Pinasthika Mustika (MPM Rent) for nearly $54 million.[13] In March 2023, Carro added EMPG, the parent company of Kaidee, to its cap table.[14] In June, Carro entered into a partnership with Jardine Cycle & Carriage (JC&C) valued at more than $60 million.[15] In March 2024, Carro started its operations in Hong Kong by the acquisition of the used car market Beyond Cars.[1]

References

  1. ^ a b Lee, Zinnia. "SoftBank-Backed Used-Car Startup Carro Drives Into Hong Kong With Acquisition". Forbes. Retrieved 15 April 2024.
  2. ^ Gilchrist, Karen (5 October 2021). "How 3 college friends built a $1 billion business selling used cars". CNBC. Retrieved 15 April 2024.
  3. ^ a b "Singapore's Future Decacorn? Carro Has Big Ambitions For The Online Car Market In Southeast Asia". Forbes. Retrieved 15 April 2024.
  4. ^ "Singapore-based Carro raises $5.3m in Series A round". DealStreetAsia. Retrieved 15 April 2024.
  5. ^ "Singapore automotive marketplace secures $60M in Series B". ZDNET. Retrieved 15 April 2024.
  6. ^ a b "Singapore automotive marketplace snags more funds, acquires Indonesia C2C player". ZDNET. Retrieved 15 April 2024.
  7. ^ "SG's Carro enters Malaysia with $30m investment in myTukar". DealStreetAsia. Retrieved 15 April 2024.
  8. ^ Zairill, Hazique. "Carro releases first Raya film after myTukar rebranding". thesun.my. Retrieved 15 April 2024.
  9. ^ "Singapore's Car Market Carro Becomes Unicorn With $360 Million Funding Round". Forbes. Retrieved 15 April 2024.
  10. ^ "Singapore's Carro Is a Unicorn With $360 Million Led by SoftBank". Bloomberg.com. 15 June 2021. Retrieved 15 April 2024.
  11. ^ "Auto marketplace Carro bags $100m from Temasek, PNB and others". DealStreetAsia. Retrieved 15 April 2024.
  12. ^ "Carro bags US$100m from Temasek, international investors". The Business Times. 1 December 2021. Retrieved 15 April 2024.
  13. ^ "Southeast Asian car marketplace Carro takes 50% stake in Indonesian rental firm". Reuters.
  14. ^ "EMPG acquires Kaidee in Asean expansion". Bangkok Post. Retrieved 15 April 2024.
  15. ^ "Singapore's Jardine Cycle & Carriage in $60 mln deal with online car marketplace". Reuters.
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