Carro (online car marketplace)

Carro is an online marketplace for buying and selling new and used cars headquartered in Singapore and operates in Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.

History
Carro was co-founded in 2015 by Aaron Tan and his Carnegie Mellon University classmates Aditya Lesmana and Kelvin Chng.

In 2016, Carro received $5.3 million in a series A funding round led by Venturra Capital and other investors including Golden Gate Ventures, Alpha JWC and GMO Ventures. In May 2018, Carro raised $60 million in a series B round led by Softbank Ventures Korea, Insignia Ventures Partners, Singtel Innov8 and B Capital Group. In August 2019, Carro raised $30 million in a round of series B funding and used the funds to acquire the Indonesian e-commerce site Jualo.com. In September, Carro announced the inception of its operations in Malaysia through a $30 million investment into the car-bidding online platform Carro Malaysia (formerly myTukar).

In June 2021, Carro received $360 million in a C funding round which raised its valuation to $1 billion led by SoftBank. In November, Singapore state investor Temasek Holdings and Malaysian fund manager and Permodalan Nasional Berhad (PNB) led a Series C round for Carro which raised more than $100 million, other investors included Sime Darby, Shinhan Financial Group and Mirae Asset.

In June 2022, Carro acquired a 50% stake in the rental unit of the Indonesian automotive group, PT Mitra Pinasthika Mustika (MPM Rent) for nearly $54 million. In March 2023, Carro added EMPG, the parent company of Kaidee, to its cap table. In June, Carro entered into a partnership with Jardine Cycle & Carriage (JC&C) valued at more than $60 million. In March 2024, Carro started its operations in Hong Kong by the acquisition of the used car market Beyond Cars.