Singapore auto marketplace Carro raises $110m
Singapore used car marketplace Carro has raised S$150 million ($110 million) in debt and equity, including an unspecified equity contribution from Japan’s MS&AD Insurance and Mitsubishi Corp.
MS&AD is investing via its US-based VC arm, which joined Mitsubishi in an $11 million commitment last month, according to AVCJ Research. Carro has also confirmed a $6 million investment from the two investors in July.
Carro has raised at least $228 million to date, including a Series B round last year featuring SoftBank Ventures Asia, EDBI, The Dietrich Foundation, Ncore Ventures, Hanwha Asset Management, Insignia Ventures, B Capital, Singtel Innov8, Golden Gate Ventures, and Alpha JWC Ventures.
It comes as Carro projects annual revenue to reach S$1 billion in 2022, which would represent a more than 15x increase on the 2019 financial year. This outlook has been largely attributed to consumers seeking value and digital purchasing options amid the economic and safety pressures related to COVID-19.
Carro claims to be Southeast Asia’s largest automotive marketplace with a presence in Singapore, Thailand, Indonesia, and Malaysia. The company’s core service is facilitating C2C used car transactions, but it also engages in various C2B and B2B models across auto financing, insurance brokerage, and roadside assistance.
Recent developments on this front include the introduction of a usage-based, “pay-as-you-drive” insurance program in Singapore under a partnership with local insurer NTUC Income. The service augments Carro's standard subscription package, which covers insurance, road tax, regular maintenance, and 24-hour assistance for about S$1,400 a month.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.