According to Reuters, Singapore-based used-car platform Carro has acquired a 50% stake in Indonesia-based PT Mitra Pinasthika Mustika Tbk for US$54 million.
PT Mitra Pinasthika Mustika Tbk owns Mitra Pinasthika Mustika Rent (MPMRent), Indonesia’s leading car financing and rental company with more than 13,000 cars.
Key Highlights
- The deal will form a strategic partnership between Carro and PT Mitra Pinasthika Mustika Tbk, allowing Carro to expand in Indonesia with the fourth largest population in the world.
- The investment comes as Carro is going head-to-head with competitions such as India’s Cars24 and Malaysia’s Carsome in the Southeast Asia region.
- It is reported that Carro’s revenue increased by 2.5x to around US$226 million for the financial year that ended March 2021.
- Taking similar path as Carsome, Carro is set to go public within the near future, with Nasdaq being a potential listing destination.
- Carro offers a full-stack service for all aspects of car ownership and uses uses artificial intelligence (AI) and data science to speed up car inspection process.
- Carro's subsidiaries includes financial services unit Genie, Malaysia-based car bidding platform myTukar, and consumer-to-consumer marketplace Jualo.
