Singapore's Carro gets $60m Series B
Singapore-based automotive marketplace operator Carro has received a $60 million Series B funding round led by Softbank Ventures Korea, Insignia Ventures Partners and B Capital Group.
Other participants included Venturra Capital, Singtel Innov8, Golden Gate Ventures, and Alpha JWC, as well as the family office of Manik Arora, founder of IDG Ventures India. The fresh capital will be applied to scaling up online offerings, development of a financial services unit, and growth in emerging markets.
“What [Carro CEO Aaron Tan] and the team are doing is truly transformative,” Yinglan Tan, founding managing partner of Insignia, said in a statement. “We are excited to partner with Carro as we believe in its full stack automotive ecosystem approach, which offers products and services that are complementary to each other, leveraging network effect and economies of scale.”
Founded in 2015, Carro serves car owners by facilitating purchases and sales throughout the entire automotive ownership lifecycle. The company aims to exploit C2C, C2B and B2B market models across categories including auto financing, insurance brokerage, and roadside assistance. It claims that more than $250 million worth of vehicle were transacted across its platforms in Indonesia, Thailand, and Singapore during 2017.
The company’s financing support offerings include a subsidiary known as Genie Financial Services, which facilitates credit approvals and is said to be profitable. Genie is touted as being able to allow for the purchase of any car in 30 minutes or less. Last year, the service was said to have originated more than $100 million in loans.
Carro received a $12 million round in 2017 from a group of investors including Venturra, Singtel Innov8, and Alpha JWC, with a view to expanding its artificial intelligence capacity. Previous backers also include GMO Venture Partners, Coffee Ventures, and Skystar Ventures
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