Start-up funding

Singapore car marketplace gets $80m to boost services

Carro, a Singapore-based car marketplace start-up, has raised US$60 million (S$80 million) in Series B funding.

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

Following the deal, three new members will join Carro's board.

They are Mr Sean Lee, partner at Softbank Ventures Korea; Mr Eduardo Saverin, co-founder and partner at B Capital Group; and Mr Tan Yinglan, founding managing partner at Insignia Ventures Partners.

Carro chief Aaron Tan said the start-up'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 firm that extends vehicle financing to car dealers and buyers, a platform that he said is "already profitable".

He 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."

IMPROVING LIVES

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. 

CARRO CHIEF AARON TAN, on the start-up's plans.

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

A version of this article appeared in the print edition of The Straits Times on May 15, 2018, with the headline 'Singapore car marketplace gets $80m to boost services'. Print Edition | Subscribe