Singapore online car sales startup Carro gets $360 million from SoftBank, venture funds

Online car sales portal Carro, founded and headquartered in Singapore and also operative in Indonesia, Malaysia and Thailand, received $360 million in a Series C financing round from a consortium led by Japan’s SoftBank Group.

The SoftBank Vision Fund 2, together with a consortium of several venture capital funds including a fund by Japan’s insurance group MSIG and Indonesia’s EV Growth fund, invested in the company which operates an artificial intelligence-based online car sales and leasing platform and also offers financing options, insurance and maintenance services for vehicles.

Self-training software tools are used to scan images of cars to detect potential problems and flag them to Carro’s mechanics who then check the vehicles for defects. According to Carro, this would speed up the sales process by as much as 20% and reduce human error by up to 80%.

First automotive unicorn in Southeast Asia

With the latest financing round, the startup has become the first automotive unicorn in Southeast Asia, meaning a start-up valued at more than $1 billion.

The fresh funds would be used to expand across Singapore, Indonesia, Malaysia and Thailand and develop the company’s artificial intelligence technology further, the company said in an announcement on June 15.

According to Carro’s founder and CEO Aaron Tan, the company has plans to go public over the next 18 to 24 months, not in Singapore, but likely on the New York Stock Exchange or the Nasdaq.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

Online car sales portal Carro, founded and headquartered in Singapore and also operative in Indonesia, Malaysia and Thailand, received $360 million in a Series C financing round from a consortium led by Japan’s SoftBank Group. The SoftBank Vision Fund 2, together with a consortium of several venture capital funds including a fund by Japan’s insurance group MSIG and Indonesia’s EV Growth fund, invested in the company which operates an artificial intelligence-based online car sales and leasing platform and also offers financing options, insurance and maintenance services for vehicles. Self-training software tools are used to scan images of cars to detect...

Online car sales portal Carro, founded and headquartered in Singapore and also operative in Indonesia, Malaysia and Thailand, received $360 million in a Series C financing round from a consortium led by Japan’s SoftBank Group.

The SoftBank Vision Fund 2, together with a consortium of several venture capital funds including a fund by Japan’s insurance group MSIG and Indonesia’s EV Growth fund, invested in the company which operates an artificial intelligence-based online car sales and leasing platform and also offers financing options, insurance and maintenance services for vehicles.

Self-training software tools are used to scan images of cars to detect potential problems and flag them to Carro’s mechanics who then check the vehicles for defects. According to Carro, this would speed up the sales process by as much as 20% and reduce human error by up to 80%.

First automotive unicorn in Southeast Asia

With the latest financing round, the startup has become the first automotive unicorn in Southeast Asia, meaning a start-up valued at more than $1 billion.

The fresh funds would be used to expand across Singapore, Indonesia, Malaysia and Thailand and develop the company’s artificial intelligence technology further, the company said in an announcement on June 15.

According to Carro’s founder and CEO Aaron Tan, the company has plans to go public over the next 18 to 24 months, not in Singapore, but likely on the New York Stock Exchange or the Nasdaq.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply