e27: Carro raises US$110M funding as contactless car buying boosts its revenues

This article first appeared on e27, written by Sainul Abudheen K.

Carro said it saw 500 per cent y-o-y revenue growth in Sept. and is on track to reach US$740M revenue in 2 years

Carro, a Singapore-headquartered wholesale automotive marketplace, announced today it has secured SGD150 million (US$110 million) in debt financing and additional equity.

Investors joined this round include Mitsubishi Corporation and MS&AD Ventures, the venture arm of MS&AD Insurance Group Holdings.

The development comes as Carro marks its fifth anniversary with a 500 per cent year-on-year revenue growth in September as COVID-19 drives consumers towards digitalised car purchase services.

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