Carro raises another $100 million for rapid expansion from Temasek, PNB

Carro's revenues shot up by 2.5x in the past year, although it may fall due to recent market changes.

Alfred Lee

1 Dec, 2021

Carro raises another $100 million for rapid expansion from Temasek, PNB | BEAMSTART News

- From our Sponsors -

Carro, the Singapore-based startup best known for buying and selling used cars, has just raised more money for expansion.

In a recent announcement, the company mentioned that it has raised $100 million in a fresh financing round.

- Featured Sponsor -

Carro's new investors (2021)

Investors for the round include Temasek and Permodalan Nasional Berhad (PNB).

It is reported that Temasek invested $30 million, while PNB invested $25 million.

Other existing investors for the round include:

  • Emtek Group
  • Mirae Asset
  • A unit under Shinhan Financial Group
  • Greater Honour International
  • Sime Singapore
Part of Carro's team and founder, Aaron Tan.

Carro's story and founding

Founded in 2015 by Aaron Tan, Carro provides a wide range of services catered to buying and selling cars.

Its group of companies includes financial services unit Genie, Malaysia-based car bidding platform myTukar, and consumer-to-consumer marketplace Jualo.

In the region, Carro is a direct competitor to Carsome.

A myTukar outlet, one of the subsidiaries under Carro.

What's next for Carro

Southeast Asia's car rental market is expected to grow at a rate of 6.7% per year between 2020 to 2025, and Carro is aiming to capture a larger piece of the pie.

In the financial year ending March 2021, Carro's revenue surged to over $226 million, a 2.5x increase from the same period last year.

Despite the surge, CEO Aaron Tan mentioned that the company's sales may fall due to the effect of the on-going global chip shortage that is hurting the used-car market.

The company is also looking to go public on the NASDAQ stock exchange within the coming 2 years.

- From our Sponsors -

Latest Jobs

Business Development Manager


Kuala Lumpur, Malaysia

Full Time

Salary Undisclosed

Strategy and Growth Lead


Jakarta, Indonesia

Full Time

Salary Undisclosed

UI/UX Designer

Soft Space

Kuala Lumpur, Malaysia

Full Time

Salary Undisclosed

HR Consultant/Recruiter

Fortune Cookie Wisdom Pte Ltd

Remote, Singapore

Contract / Freelance

Salary Undisclosed

Senior Analyst, Product


Petaling Jaya, Singapore

Full Time

Salary Undisclosed

Finance Associate, OTC


Petaling Jaya, Malaysia

Full Time

MYR 4000 — MYR 8000 monthly

Senior Data Scientist


Kuala Lumpur, Malaysia

Full Time

Salary Undisclosed

Shopee Apprentice Program


Kuala Lumpur, Malaysia


MYR 400 — MYR 600 monthly

Massage Therapist

Japanese Body Therapy

Suntec City, Singapore

Full Time

SGD 2500 — SGD 4300 monthly

Junior Java Developer/ Freshers

IDC Technologies Pte. Ltd.


Contract / Freelance

SGD 2000 — SGD 2300 monthly

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia


Education Not Specified

Also Mentioned

Related Topics


More Related Stories

Community Discussions

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest news, events, and opportunities.


Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).