This article was published on The Edge Markets, written by Aradhana Aravindan.
Singapore-headquartered Carro, a Southeast Asian online automotive marketplace, said on Tuesday it has raised $360 million in its latest funding round led by SoftBank Vision Fund 2, becoming the region’s latest unicorn.
“The valuation for the company is well over a billion dollars,” CEO and founder of Carro, Aaron Tan, told Reuters. He did not provide a specific number.
Carro will use the fresh capital to expand into new locations and grow its business in its existing markets – Indonesia, Thailand, Malaysia, and Singapore. It also plans to expand its portfolio of financial services and accelerate development of artificial intelligence capabilities.
Carro’s platform allows consumers and wholesale businesses to buy and sell vehicles along with providing insurance and financing services.
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