Carro Raises $ 360 Million Led by SoftBank Vision Fund II, Becomes a Unicorn
Carro to Double Expansion in Thailand and Indonesia, Strengthen Financial Services Business, and Invest more in Artificial Intelligence (AI) Capabilities
Free preview of the book
This book gives you the essential guide to easy-to-follow tips and strategies to create more financial success.
June 15, 2021
3 minutes to read
Opinions expressed by Contractor the contributors are theirs.
Auto Market Carro said on Tuesday it had raised $ 360 million in a Series C funding round led by SoftBank Vision Fund II, making it the first auto market unicorn in Southeast Asia. Notable investors in this new round of funding include several leading Indonesian funds, including EV Growth.
“This is an important step for us. We are grateful for the strong support of our investors, who reaffirm our belief in the transformative power of AI in the automotive industry to deliver exceptional customer experiences. As digitization shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online automotive market like Carro, ”said Aaron Tan, CEO and Founder of Carro .
Carro will use the funds to strengthen its market position and expand its retail offering in Indonesia, Thailand, Malaysia and Singapore, markets that have experienced significant growth over the past year. Carro will also enhance its financial services portfolio by expanding beyond internal loan financing, and accelerate the development of its AI capabilities.
“Carro is transforming the auto industry in Southeast Asia by providing a seamless buying and selling experience for consumers and auto dealers. Powered by AI, Carro’s technology platform provides consumers with comprehensive 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-based technology to make the car buying process smarter, more simple and more secure. ”
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 over the years.
Carro provides full service for all aspects of car ownership and uses AI-powered technology to transform the car buying and selling experience. Carro closed its fiscal year ending March 2021 with revenue growth of more than 2.5 times and continues to post positive EBITDA for the second year in a row.
Founded in 2015, Carro facilitates approximately $ 1 billion of GMV at annualized execution rate. The Carro group of companies includes Genie, myTukar and Jualo. As of June 2021, Carro had raised more than $ 400 million in equity from SoftBank Vision Fund 2, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners and B Capital Group.