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Carro just raised $360 million from SoftBank to become the one-stop marketplace for vehicles

Carro is now a 'unicorn', valued at over $1 billion post funding.


Carro just raised $360 million from SoftBank to become the one-stop marketplace for vehicles | BEAMSTART News

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Carro, one of the largest marketplaces to buy and sell vehicles in Southeast Asia, is now valued over $1 billion after their recent fundraise.

The company has just raised $360 million in Series C funding, led by SoftBank's Vision Fund 2.

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Key Highlights

  • Founded in 2015, Carro started as an online marketplace to buy and sell cars, eventually expanding to other vehicles.
  • The company has now reached "unicorn" status after raising $360 million from SoftBank Vision Fund 2.
  • Carro currently employs over 1,000 people across 4 countries, with revenues growing more than 2.5x (fiscal year ending in March 2021).
  • Carro's last funding round (Series B) was $90 million, back in August 2019.

Why It Matters

  • Carro continues its aggressive expansion across the region, previously acquiring MyTukar in Malaysia.
  • Over 90% of vehicles sold on Carro are secondhand.
  • The effects of the global pandemic and the adoption of electric vehicles have also propelled more people to sell their existing vehicles.
  • Carro is also in talks with some of the largest electric vehicle companies to expand into Southeast Asia

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ABOUT THE AUTHOR

Carl Adrian

Partnerships & Content Coordinator at BEAMSTART

Based in Singapore

Works at BEAMSTART

ALSO MENTIONED IN THIS POST

Carro

Automotive marketplace

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SoftBank

A Japanese multinational telecommunications and Internet corporation

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MyTukar

A technology platform that facilitates customers in selling their cars

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