Carro bags US$100m from Temasek, international investors
ONLINE car marketplace Carro has raised US$100 million in equity from investors including Temasek, at a valuation bump of about 10 per cent, regulatory filings show.
Anderson Investments, a unit of Temasek, invested US$30 million for over 570,990 shares in Carro on Nov 25, according to the filings. This translates to a share price of about US$52.54, up 10.4 per cent from its SoftBank-led Series C raise in June. Carro declined to comment on the matter.
Another entity, PNB Capital Global 2, invested US$25 million at the same valuation. News outlet DealStreetAsia identified this investor as Permodalan Nasional Berhad (PNB), a Malaysian state-backed fund manager.
Other investors include Sime Singapore, a unit of Malaysia's Sime Darby, and South Korean financial group Mirae Asset, which invested US$5 million each. The entities Eagle Crown Capital and One Shinhan Global Fund II, both invested US$10 million each. A Cayman Islands entity, called Greater Honour International, poured in US$12 million, while Hong Kong-based Rohdea Master Fund put in US$3 million.
The latest capital injection comes as Carro could be revving up to go public, potentially on the Nasdaq. But whether this materialises also depends on the company's growth rate, Aaron Tan, founder and chief executive of Carro, previously told The Business Times.
In June, Carro raised US$360 million in a Series C round led by SoftBank Vision Fund 2, taking its valuation past the unicorn status of US$1 billion. This was more than triple the startup's last valuation of US$291.9 million in February last year, according to data platform VentureCap Insights.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Founded in 2015, Carro operates in Singapore, Indonesia, Malaysia and Thailand. According to regulatory filings, it posted revenue of S$117.8 million, and a S$5.2 million net loss for FY2020 ended March.
READ MORE:
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
SoftBank sells off Vision Fund assets as Son pivots to AI, chips
Battery swapping faces uphill climb in Singapore’s EV market
Mirxes posts US$58 million operating loss, US$24 million revenue
Neuralink says implant had issues after first human surgery
Carsome hits first Ebitda positive quarter in Q1 2024
Square Peg to raise another US$550 million fund in the second half of 2024