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Bloomberg: Singapore’s Carro Is a Unicorn With $360 Million Led by SoftBank

This was published on Bloomberg, written by Yoolim Lee.

Carro, one of Southeast Asia’s biggest online marketplaces for used cars, has raised $360 million led by SoftBank Vision Fund II to fuel expansion in Thailand and Indonesia before pursuing a U.S. listing.

The fresh capital pushed Carro’s valuation to more than $1 billion, the company said in a statement.

The company is targeting an initial public offering in the U.S. within the next two years, Chief Executive Officer Aaron Tan said in an interview.

“An IPO remains on the horizon for us,” Tan said. “Eighteen to 24 months is achievable.” He added that the firm is on track to handle more than 200,000 used-vehicle transactions this year.

Read the full article on Bloomberg here.

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