Singapore’s Carro raises $76.6 million to promote Japanese cars in Asia
Sign up now: Get ST's newsletters delivered to your inbox
The investment will go towards promoting Japanese cars across the Asia-Pacific region.
ST PHOTO: BRIAN TEO
Follow topic:
SINGAPORE - Carro, South-east Asia’s largest used-car online marketplace, has raised US$60 million (S$76.6 million) in a funding round led by Japan sovereign wealth fund Cool Japan Fund, the company said on Sept 17.
The investment will go towards promoting Japanese cars across the Asia-Pacific region, Carro said in a statement, adding that it was confident it could increase the market share of Japanese plug-in hybrid electric vehicles in the region.
Besides Singapore, Carro has a presence in markets including Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.
Chief executive Aaron Tan last week said the company was eyeing an expansion into Australia and a dual listing.
Sources familiar with the matter told Reuters in August that Carro was considering a US initial public offering at a valuation of more than US$3 billion, which would be the largest South-east Asian listing in the US since internet company Sea’s US$989.3 million debut in 2017, according to LSEG.
It would be the first major automotive tech and commerce start-up from Singapore to go public in the US.
Backed by investors including Temasek and SoftBank Group, Carro operates a digital platform that enables consumers and dealers to buy and sell vehicles, while also offering insurance, financing and after-sales services.
Cool Japan Fund is a government-backed private fund with the aim of contributing to Japan’s economy by increasing overseas demand for its products and services. REUTERS
