This article was first published on KrAsia, written by Khamila Mulia.
Carro aims to triple its revenues and fundraise in 2021. The company is considering an IPO in the next two or three years.
Southeast Asia is a competitive landscape for car marketplaces. Automotive e-commerce has grown at a staggering rate in the region, with almost 100% of used car customers in the region beginning their car shopping experience online, especially in Indonesia and Thailand, according to a report by Mordor Intelligence.
Singapore-headquartered Carro is one of the players that saw strong growth during the pandemic. The platform has over one million monthly active visitors, with nearly SGD 1 billion annualized gross merchandise value (GMV), Carro CFO Ernest Chew told KrASIA. In October 2020, it raised close to USD 150 million in debt financing facilities, bringing the company’s total funding to USD 229.5 million, according to Crunchbase.
In December, Carro, in partnership with Mitsui Sumitomo Insurance Group (MSIG), introduced the first region-wide behavior and usage-based car insurance program. First rolled out in Indonesia, the program will soon launch in Thailand and Malaysia. By the end of next year, Carro expects to provide over 2,000 cars with usage-based insurance and then grow that number by three times by 2024.
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