Carro Raises $360 Mn Led By SoftBank Vision Fund II, Becomes Unicorn
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Automotive marketplace Carro, on Tuesday, announced that it has raised $360 million in a Series C funding round led by SoftBank Vision Fund II, making it the first automotive marketplace unicorn in Southeast Asia. Notable investors in this new round of financing include several prominent Indonesian-based funds including EV Growth.
“This is a huge milestone for us. We are grateful for the strong support from our investors, which reaffirm our belief in the transformative power of AI in the automotive industry to deliver an exceptional customer experience. As digitalization 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, chief executive officer, and founder, Carro.
Carro will use the funds to strengthen its market position and expand its retail offering across Indonesia, Thailand, Malaysia, and Singapore – markets that have seen significant growth in the past year. Carro will also enhance its portfolio of financial services by expanding beyond in-house loan financing, as well as accelerate the development of its AI capabilities.
“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, Carro’s technology platform provides consumers with full-stack services and transparency throughout the car ownership process,” added Greg Moon, managing partner, SoftBank Investment Advisers. “We are delighted to partner with Aaron and the Carro team to support their ambition to expand into new markets and use AI-powered technology to make the car buying process smarter, simpler, and safer.”
SoftBank Group first invested in Carro through SoftBank Ventures Asia, its venture capital arm, in 2016 and has continued to support Carro’s growth initiatives through the years.
Carro provides a full-stack service for all aspects of car ownership and uses AI-powered technology to transform the car buying and selling experience. Carro closed its financial year ending March 2021 with over a 2.5-time growth in revenue and continues to be EBITDA positive for the second year running.
Founded in 2015, Carro facilitates about $1 billion annualised run-rate GMV. Carro group of companies include Genie, myTukar and Jualo. As of June 2021, Carro has raised over $400 million in equity from SoftBank Vision Fund 2, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners and B Capital Group.