S'pore motoring portals in race to draw eyeballs and investors

Carro had announced plans for a public listing after securing S$486 million in funding in June.
Carro had announced plans for a public listing after securing S$486 million in funding in June.PHOTO: REUTERS

SINGAPORE - Competition is hotting up between local motoring portals as upstart UCars teams up with content provider CarBuyer in a bid to rival established incumbent sgCarMart.

The development comes on the heels of six-year-old Carro announcing plans for a public listing after securing US$360 million (S$486 million) in funding in June, Motorist.sg planning to expand to Malaysia and Thailand, and investors looking to buy Singapore Press Holdings (SPH)-owned sgCarMart, possibly the only profitable online car marketplace in the region.

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