MYTUKAR’S PARENT COMPANY, CARRO RAISES US$360M IN FUNDING

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  • 18 June 2021
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MYTUKAR’S PARENT COMPANY, CARRO RAISES US$360M IN SERIES C FUNDING ROUND LED BY SOFTBANK VISION FUND 2, ACHIEVES UNICORN STATUS

  • Carro se convierte en el primer unicornio del mercado automotriz del sudeste asiático en 5 años
  • Los inversores incluyen SoftBank Vision Fund 2, EV Growth y otros
  • Carro duplicará la expansión en Tailandia e Indonesia, mejorará su negocio de servicios financieros e invertirá más en capacidades de inteligencia artificial (IA).

SINGAPORE, 15 June 2021 – Carro, Southeast Asia’s largest automotive marketplace, today announced that it has raised US$360 million in a Series C funding round led by SoftBank Vision Fund 2, making it the first automotive marketplace unicorn in Southeast Asia. Notable investors in this new round of financing include several prominent Indonesian based funds including EV Growth.

“This is a huge milestone for us. We are grateful for the strong support from our investors, which reaffirms our belief in the transformative power of AI in the automotive industry to deliver exceptional customer experience. As digitalisation shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro.” said Aaron Tan, CEO and Founder of Carro. 

Carro will use the funds to strengthen its market position and expand its retail offering across Indonesia, Thailand, Malaysia, and Singapore – markets that have seen significant growth in the past year. Carro will also enhance its portfolio of financial services by expanding beyond in-house loan financing, as well as accelerate development of its AI capabilities. 

“Carro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers. Powered by AI, Carro’s technology platform provides consumers with full-stack services and transparency throughout the car ownership process,” said Greg Moon, Managing Partner of SoftBank Investment Advisers. “We are delighted to partner with Aaron and the Carro team to support their ambition to expand into new markets and use AI-powered technology to make the car buying process smarter, simpler, and safer.”

SoftBank Group first invested in Carro through SoftBank Ventures Asia, its venture capital arm, in 2016 and has continued to support Carro’s growth initiatives through the years.

Carro provides a full-stack service for all aspects of car ownership and uses AI-powered technology to transform the car buying and selling experience. It has pioneered innovative services such as Singapore’s first contactless car purchase service, first car subscription service and the first region-wide behaviour and usage-based car insurance. Carro closed its financial year ending March 2021 with over a 2.5x growth in revenue and continues to be EBITDA positive for the second year running. Carro was also named Asia Pacific’s fastest growing company in 2021 by The Financial Times and Statista.

For more information, visit carro.sg.

About Carro

Carro provides a full-stack service for all aspects of car ownership and uses AI-powered technology to transform the car buying and selling experience. By offering a trustworthy and transparent experience, Carro challenges the traditional way of buying and selling cars through proprietary pricing algorithm and AI-enabled capabilities.

Carro provides a range of services across the entire car ownership ecosystem. These include in-house financing solutions, innovative insurance products, flexible car ownership experience and after-sales services. It has pioneered innovative services such as Singapore’s first contactless online car purchase service, first car subscription service and the first region-wide behaviour and usage-based car insurance solutions.

Founded in 2015, Carro facilitates about US$1billion annualised run-rate GMV. Carro group of companies include Genie, myTukar and Jualo. As of June 2021, Carro has raised over US$400 million in equity from SoftBank Vision Fund 2, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners and B Capital Group.

For more information, please visit: www.carro.sg

For media enquiries, please contact:

Kaylee Chang

kaylee@ktalystinternational.com

+60123669555

Angeline Owee

angeline@ktalystinternational.com

+60122901209

*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 (“SVF 2”) in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.