Carro eyes IPO after SoftBank-led US$360m unicorn round

Claudia Chong

Published Tue, Jun 15, 2021 · 08:02 AM

USED car marketplace Carro has raised US$360 million in Series C funding led by SoftBank Vision Fund 2, which the company says gives it a valuation of more than US$1 billion.

This is more than three times the startup's valuation from February last year, when it was valued at US$289.1 million after investments from Mitsubishi and MS&AD Ventures, data platform VentureCap Insights showed.

EV Growth and other prominent Indonesia-based funds also participated in the Series C round.

SoftBank Group first invested in Carro through SoftBank Ventures Asia, its venture capital arm, in 2016. The group has also backed Chinese used car platform operator Chehaoduo and Mexican used car startup Kavak.

Singapore-based Carro now has its eyes set on the public markets in the next 18 to 24 months, with the Nasdaq as a potential listing destination. Whether an initial public offering (IPO) materialises depends on the company's growth rate, Aaron Tan, founder and chief executive of Carro, told The Busin…