This article first appeared on Deal Street Asia, written by Kristie Neo.
Carro, a Singapore-based automotive marketplace, has raised a total of $90 million in a Series B funding round from SoftBank Ventures Asia, EDBI and other investors.
According to a statement, Carro raised an additional $30 million for the oversubscribed round after securing $60 million in May last year. The $30-million was contributed by SoftBank Ventures Asia, EDBI, Dietrich Foundation and NCORE Ventures.
The other investors from its previous $60 million tranche include Hanwha Asset Management, Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures and Alpha JWC.
The announcement confirms an earlier report by DealStreetAsia.
Carro added that the fresh capital will be used to acquire Jualo.com, a C2C marketplace platform in Indonesia. Jualo helps users trade new and used goods in over 300 categories ranging from cars, motorcycles, property, fashion, electronics; it also posts job adverts.
According to the startup, it has over 4 million users a month and facilitates transactions worth over $1 billion in 2018. Its goods are traded across all 34 of Indonesia’s provinces.
Aaron Tan, the CEO and Founder of Carro said: “Our acquisition of Jualo.com will further boost the reach of our proprietary technology platform in Southeast Asia, especially as Indonesia is the region’s largest automotive market.”
Founded in 2015, Carro describes itself as a full-stack automotive marketplace. It offers a range of services including buying and selling, financing, subscription, insurance, workshop and roadside assistance for cars.
Carro is currently present in over 30 cities across Singapore, Indonesia and Thailand. The company considers itself to be region’s largest automotive marketplace – having transacted over $500 million worth of cars in 2018.
Carro competes with a number of players regionally. These include Rocket Internet-backed Carmudi, BeliMobilGue in Indonesia, as well as Carsome and iCar Asia from Malaysia.
Malaysia’s Carsome has raised $27.4 million, while Catcha-backed iCar Asia has gathered $39.1 million, according to Crunchbase.
In Indonesia, BeliMobilGue raised a total of $13.7 million from names like Intudo Ventures and Toyota Tunas. Rocket-Internet-backed Carmudi, which pared its global presence to focus on Asia, has raised $45 million so far. It last raised $10 million in a Series C round in 2017.