Singaporean startup Carro announced on Tuesday (June 15) that it had raised $ 360 million ($ 477.62 million) in its most recent funding round, led by SoftBank Vision Fund 2,3.
The Southeast Asian online automotive marketplace has surpassed the $ 1 billion valuation mark to become the region's newest unicorn.
"The company's valuation is well over a billion dollars," Carro CEO and founder Aaron Tan told Reuters in an interview. He did not make a precise assessment.
In a statement, Carro said it closed fiscal year (FYE) ending March 2021 with over 2.5 times annual revenue growth and EBITDA remained positive for the second year in a row.
It was also named Fastest Growing Company in Asia Pacific by The Financial Times and Statista in 2021.
Since inception in 2015, Carro has raised more than $ 400 million in equity and $ 200 million in debt. Previous investors include SoftBank Ventures Asia, EDBI Pte, Insignia Ventures Partners and B Capital Group.
This is a big 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 an exceptional customer experience. With digitization shaping the global landscape with new consumer habits and business practices, it's a very exciting time for an end-to-end online car marketplace like Carro.
Aaron Tan, CEO and Founder of Carro
Southeast Asia's largest auto market
Aaron Tan, Co-Founder and CEO of Carro / Photo credit: China Money Network
Carro's platform enables consumers and wholesalers to buy and sell vehicles and provide insurance and financing services.
Carro will use the fresh funds to expand into new locations and expand its business in its existing markets – Indonesia, Thailand, Malaysia and Singapore.
In addition, the company plans to expand its portfolio of financial services and accelerate the development of artificial intelligence skills.
The company also has plans to go public in the United States in the next 18-24 months.
Highlighted Image Source: Carro
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