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Singapore car marketplace Carro scores US$60m in Series B funding

CARRO, a Singapore-based car marketplace startup, has raised US$60 million in Series B funding.

The round was co-led by Softbank Ventures Korea, Insignia Ventures Partners and B Capital Group. It was participated by the family office of Manik Arora (Founder of IDG Ventures India), and existing investors including Venturra, Singtel Innov8, Golden Gate Ventures and Alpha JWC.

Following the deal, three new members will join Carro's board. They are Sean Lee, partner at Softbank Ventures Korea; Eduardo Saverin, co-founder and partner at B Capital Group; and Tan Yinglan, founding managing partner at Insignia Ventures Partners.

Carro chief Aaron Tan said that the startup's growing investor base and expertise will help Carro to continue to scale up its online marketplace, as well as Genie Financial Services, Carro's own financial services company that extends vehicle financing to car dealers and buyers, a plaform he said "is already profitable".

Mr Tan added: "We will double down on our online marketplaces and financing in emerging markets this year. Ultimately, we want to improve the experience of selling and buying a car, as well as provide access to capital to the next billion people, which will improve the quality of lives."

Founded in 2015, Carro is present in Singapore, Indonesia and Thailand. In 2017, more than US$250 million worth of vehicles were reportedly transacted across Carro's platform. In the same year, Carro's Genie Financial Services originated over US$100 million in loans.

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