South-east Asian car marketplace Carro takes 50% stake in Indonesian rental firm
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SINGAPORE-HEADQUARTERED Carro, a South-east Asian online used-car marketplace, has acquired a 50 per cent stake in the rental unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk for nearly US$54 million, both companies said in a joint statement on Monday (Jun 6).
PT Mitra Pinasthika Mustika Rent (MPMRent) is one of Indonesia's leading car rental firms with a fleet of more than 13,000 cars and provides financing services.
Carro counts SoftBank Group's Vision Fund investment arm, Singapore sovereign fund GIC and state investor Temasek among its biggest investors.
Since being founded in 2015, Carro has raised more than US$600 million in equity and nearly US$300 million in debt.
Carro's platform allows consumers and wholesale businesses to buy and sell used vehicles and also offers insurance and financing services. REUTERS
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