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The Business Times: Carro confirms new funding; claims to be on track for S$1b run rate by 2022

This article first appeared on The Business Times, written by Sharanya Pillai.

USED car marketplace Carro raised close to US$150 million in debt financing facilities, as well as fresh equity from new investors Mitsubishi Corp and MS&AD Ventures this year, the startup announced on Wednesday.

According to regulatory data on intelligence platform VentureCap Insights, Carro raised US$6 million from Mitsubishi and MS&AD Ventures, the venture arm of MS&AD Insurance Group Holdings, in July. Its post-money valuation stood at US$289.1 million.

Carro declined to confirm the specific amount raised in the round. However, the five-year-old startup added that the debt financing facilities of close to S$150 million puts it in a “strong cash and liquidity position”.

Separately, Carro’s chief financial officer Ernest Chew told BT that Carro expects to hit S$1 billion in annualised revenue run rate by 2022. This figure is more than 15 times Carro’s revenue for FY2019 ended March.

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