Singapore’s new company, Carro, said on Tuesday (June 15th) that it raised US $ 360 million (US $ 477.62 million) in its latest round of financing led by SoftBank Vision Fund 2.
The Southeast Asian online car market has surpassed the US $ 1 billion valuation mark to become the region’s last unicorn.
“The company’s valuation exceeds $ 1 billion,” Carro CEO and founder Aaron Tan told Reuters in an interview. It did not provide an accurate assessment.
In a statement, Carro said it closed the year ended (FYE) in March 2021 with more than 2.5 times growth in annual revenue and that it remains positive for EBITDA for the second year in a row. .
It was also named the fastest growing company in Asia Pacific in 2021 by The Financial Times and Statista
Since its founding 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.
This is a huge milestone for us. We appreciate the strong support of our investors, which reaffirms our belief in the transformative power of AI in the automotive industry to deliver an exceptional customer experience. As digitalisation shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car market like Carro.
Aaron Tan, CEO and founder of Carro
The largest car market in Southeast Asia
The Car platform allows consumers and wholesale businesses to buy and sell vehicles along with providing insurance and financing services.
Carro will use the new funds to expand to new locations and grow its business in its existing markets: Indonesia, Thailand, Malaysia and Singapore.
It also plans to expand its financial services portfolio and accelerate the development of artificial intelligence capabilities.
The firm also plans to make an initial public offering in the next 18-24 months in the United States.
Featured Image Credit: Carro
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