Automotive marketplace Carro raises USD 360 mln lead by SoftBank Vision Fund

Tuesday 15 June 2021 13:07 CET | News

Singapore-based automotive marketplace Carro has raised USD 360 million in a Series C funding round led by SoftBank Vision Fund 2.

Notable investors in this new round of financing include several Indonesian based funds including EV Growth. Carro will use the funds to strengthen its market position and expand its retail offering across Indonesia, Thailand, Malaysia, and Singapore, according to the press release. Carro will also enhance its portfolio of financial services by expanding beyond in-house loan financing, as well as accelerate development of its AI capabilities.

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 has introduced services such as Singapore’s first contactless car purchase service, car subscription service and the first behaviour and usage-based car insurance. 

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Keywords: funding, investment, marketplace, ecommerce
Categories: Payments & Commerce | Ecommerce
Countries: Singapore
This article is part of category

Payments & Commerce