Auto marketplace Carro said on Tuesday that it passed the USD 1 billion valuation mark after raising USD 360 million in a Series C round led by SoftBank Vision Fund 2. The firm further announced that it closed its financial year ending March 2021 with over 2.5x growth in annual revenue.
In November, Carro’s chief financial officer Ernest Chew told Tech in Asia that sales saw a boost amid the pandemic. “If you have an economic headwind, people’s jobs are on the line,” he explained. “Even though I wanted to buy a new car previously, I might downgrade to a used car and save some money until there’s more visibility in the economy.”
The startup will use the new funds to expand its offerings across Indonesia, Thailand, Malaysia, and Singapore, markets where the firm saw significant growth in the past year. It will also expand its financial services and fund the development of its AI capabilities.
Read the full article on KrAsia here.