• 66
  • 25
  • Favorite

Singaporean automotive marketplace Carro says raises $360 mln to become unicorn

Reuters2021-06-15

SINGAPORE, June 15 (Reuters) - Singapore-headquartered Carro, a Southeast Asian online automotive marketplace, said on Tuesday it has raised $360 million in its latest funding round led by SoftBank Vision Fund 2, becoming the region's latest unicorn.

"The valuation for the company is well over a billion dollars," CEO and founder of Carro, Aaron Tan, told Reuters. He did not provide a specific number.

Carro will use the fresh capital to expand into new locations and grow its business in its existing markets - Indonesia, Thailand, Malaysia, and Singapore. It also plans to expand its portfolio of financial services and accelerate development of artificial intelligence capabilities.

Carro's platform allows consumers and wholesale businesses to buy and sell vehicles along with providing insurance and financing services.

Other investors in the new round of financing include several prominent Indonesian based funds including EV Growth, it said.

Since being founded in 2015, Carro has raised more than $400 million in equity and $200 million in debt. Its previous investors include SoftBank Ventures Asia, EDBI Pte, Insignia Ventures Partners and B Capital Group.

The company has started preparing internally for an initial public offering, Tan said.

"The plan is to IPO the company, hopefully, in the next 18-24 months in the U.S., depending on whether the market holds," he said.

While Carro saw an initial decline in business due to the COVID-19 pandemic, like other digital businesses, the company is now benefiting from users shifting to online transactions.

"People are more willing to buy vehicles entirely online without the need to visit a showroom," he said.

Carro booked revenues of $300 million for the year ending March 2021 and has registered positive EBITDA (earnings before interest, taxes, depreciation, and amortization) for two years.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment25

  • JuzSmile
    ·2021-06-15
    oh ok
    Reply
    Report
  • ZEROHERO
    ·2021-06-15
    Red flag alert? ? 
    Reply
    Report
  • Ssoh
    ·2021-06-15
    Correc5
    Reply
    Report
  • ZH89
    ·2021-06-15
    Wow
    Reply
    Report
  • ZH89
    ·2021-06-15
    Wow
    Reply
    Report
  • Xiaodaji
    ·2021-06-15
    Nice
    Reply
    Report
  • Shuangs
    ·2021-06-15
    Great
    Reply
    Report
  • WDnemo
    ·2021-06-15
    Still a "middle" man company
    Reply
    Report
  • hanlun_97
    ·2021-06-15
    Woww
    Reply
    Report
  • LianLing
    ·2021-06-15
    Hi
    Reply
    Report
  • Geoz88
    ·2021-06-15
    Cool awesome 
    Reply
    Report
  • larkygal
    ·2021-06-15
    Nice
    Reply
    Report
  • Sherily
    ·2021-06-15
    Like and comment
    Reply
    Report
    Fold Replies
    • larkygal
      comment
      2021-06-15
      Reply
      Report
  • Navybean
    ·2021-06-15
    Unicorn in revenue what about profit?
    Reply
    Report
    Fold Replies
    • redbean
      [Miser]
      2021-07-23
      Reply
      Report
    • redbean
      wow
      2021-07-18
      Reply
      Report
    • redbean
      hmmmm
      2021-06-16
      Reply
      Report
    View more 1 comments
  • Unicorn82
    ·2021-06-15
    Go Singapore!
    Reply
    Report
    Fold Replies
    • Unicorn82
      Thanks
      2021-06-15
      Reply
      Report
    • Unicorn82
      Please lIke and comment!
      2021-06-15
      Reply
      Report
    • blhy900
      Ok
      2021-06-15
      Reply
      Report
    View more 2 comments
  • Winkingbear
    ·2021-06-15
    Nice 
    Reply
    Report
  • Warantbuffet
    ·2021-06-15
    Good very Good
    Reply
    Report
  • EstherTurtle
    ·2021-06-15
    O
    Reply
    Report
  • ALIBINHASSAN
    ·2021-06-15
    Another Carrot to bite? ? 
    Reply
    Report
  • KTAN
    ·2021-06-15
    Great ?
    Reply
    Report
    Fold Replies
    • rachhy
      awesome news
      2021-06-15
      Reply
      Report
    • NJHJ
      hi
      2021-06-15
      Reply
      Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial