Carro (online car marketplace)
| Company type | Private |
|---|---|
| Founded | 2015 in Singapore |
| Founders | Aaron Tan, Aditya Lesmana, Kelvin Chng |
Area served | Southeast Asia |
| Website | carro |
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
[edit]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 Group.[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.[3][9][10] In November, Singapore state investor 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
[edit]- ^ a b Lee, Zinnia. "SoftBank-Backed Used-Car Startup Carro Drives Into Hong Kong With Acquisition". Forbes. Retrieved 15 April 2024.
- ^ Gilchrist, Karen (5 October 2021). "How 3 college friends built a $1 billion business selling used cars". CNBC. Retrieved 15 April 2024.
- ^ a b "Singapore's Future Decacorn? Carro Has Big Ambitions For The Online Car Market In Southeast Asia". Forbes. Retrieved 15 April 2024.
- ^ "Singapore-based Carro raises $5.3m in Series A round". DealStreetAsia. Retrieved 15 April 2024.
- ^ "Singapore automotive marketplace secures $60M in Series B". ZDNET. Retrieved 15 April 2024.
- ^ a b "Singapore automotive marketplace snags more funds, acquires Indonesia C2C player". ZDNET. Retrieved 15 April 2024.
- ^ "SG's Carro enters Malaysia with $30m investment in myTukar". DealStreetAsia. Retrieved 15 April 2024.
- ^ Zairill, Hazique. "Carro releases first Raya film after myTukar rebranding". thesun.my. Retrieved 15 April 2024.
- ^ "Singapore's Car Market Carro Becomes Unicorn With $360 Million Funding Round". Forbes. Retrieved 15 April 2024.
- ^ "Singapore's Carro Is a Unicorn With $360 Million Led by SoftBank". Bloomberg.com. 15 June 2021. Retrieved 15 April 2024.
- ^ "Auto marketplace Carro bags $100m from Temasek, PNB and others". DealStreetAsia. Retrieved 15 April 2024.
- ^ "Carro bags US$100m from Temasek, international investors". The Business Times. 1 December 2021. Retrieved 15 April 2024.
- ^ "Southeast Asian car marketplace Carro takes 50% stake in Indonesian rental firm". Reuters.
- ^ "EMPG acquires Kaidee in Asean expansion". Bangkok Post. Retrieved 15 April 2024.
- ^ "Singapore's Jardine Cycle & Carriage in $60 mln deal with online car marketplace". Reuters.