This article first appeared on Vulcan Post, written by Zafirah Salim.
Singapore startup Carro announced today that it has raised an additional US$30 million following its last US$60 million funding.
Along with existing investors Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures and Alpha JWC, new investors include SoftBank Ventures Asia, EDBI, Dietrich Foundation, NCORE Ventures and Hanhwa Asset Management.
Since its launch three years ago, Carro has raised over US$100 million from investors.
The funding will be used to fuel its expansion in Southeast Asia, starting with the acquisition of Indonesia’s C2C marketplace Jualo.
Jualo.com helps sellers trade new and used goods in over 300 categories including cars, motorcycles, property, fashion, electronics, as well as post job ads.
According to the media statement, Jualo attracts over 4 million users monthly and facilitated transactions worth over US$1 billion in 2018.
“Our acquisition of Jualo.com will further boost the reach of our proprietary technology platform in Southeast Asia, especially (since) Indonesia is the region’s largest automotive market,” said Aaron Tan, CEO and founder of Carro.
“This also underscores our commitment to provide better automotive trading experiences to Indonesians and propels our growth in Southeast Asia.”
Fuelling Growth In Southeast Asia
Carro is the largest automotive marketplace in Southeast Asia, having transacted over US$500 million worth of cars in 2018.
It is now present in over 30 cities across three countries, namely Indonesia, Thailand and Singapore.
Over the past year, Carro has expanded aggressively in Indonesia and Thailand, and grown 100 per cent month-on-month in both markets.
In Singapore, it is the first-ever to launch a subscription-based car service in March this year.
The service offers consumers the flexibility of selecting a plan and driving off with a car of their choice without worrying about annual depreciation and expenses like repairs and insurance premiums.