, the Singapore-based startup best known for buying and selling used cars, has just raised more money for expansion. Carro
In a recent announcement, the company mentioned that it has
raised $100 million in a fresh financing round. 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.