Carro team

Malaysia-based Carro has raised US$360 million in a Series C funding round led by SoftBank Vision Fund 2, making it the first automotive marketplace unicorn in Southeast Asia.

This news follows Carro’s US$110-million raise in debt financing last year.

The company plans to use the fresh capital to strengthen its market position and expand the retail offering across Indonesia, Thailand, Malaysia, and Singapore.

Carro has plans to enhance its portfolio of financial services by expanding beyond in-house loan financing, as well as accelerate the development of its AI capabilities.

Launched in 2015, Carro is a subscription-based service that allows customers to drive a car without the hassle of owning it.

The service is currently available in four plans: Daily, Roomy, Fancy, and Luxury. With the service, subscribers can pay a flat monthly fee that includes all costs associated with car ownership — such as insurance, road tax, warranty, 24-hour assistance, and maintenance costs. At the end of the term, customers can return the car.

Also Read: Carro raises US$110M funding as contactless car buying boosts its revenues

During the pandemic, it launched a contactless car purchase service in Singapore that allows customers to purchase pre-owned vehicles without any face-to-face interaction.

Carro claims to have closed its financial year ending March 2021 with over a 2.5x growth in revenue and continues to be EBITDA positive for the second year running.

Its group of companies include Genie, myTukar and Jualo.

As of June 2021, Carro has raised over US$470 million from SoftBank Vision Fund 2, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners and B Capital Group.

“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. As digitalisation shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro,” said Aaron Tan, founder of Carro.

“Carro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers. Powered by AI, its technology platform provides consumers with full-stack services and transparency throughout the car ownership process,” said Greg Moon, Managing Partner of SoftBank Investment Advisers.

Carro is Southeast Asia’s 14th unicorn. Other companies belonging to the coveted club are Sea Group, Razer, Trax, Grab, Lazada, and Patsnap (all Singapore); and Gojek, Traveloka, Tokopedia, and Bukalapak (all Indonesia); Revolution Precrafted (Philippines); VNG (Vietnam); and Flash Group (Thailand) which recently made to the club after raising US$150 million.

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Image Credit: Carro

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