Participated · Series B · Aug 2019

Carro runs a technology platform that lets consumers and dealerships across Southeast Asia buy and sell used cars online while offering ancillary services such as insurance, financing and post-sale support. Headquartered in Singapore, the company is active in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong. Management says the fresh capital will be used to boost the presence of Japanese plug-in hybrid electric vehicles across the Asia-Pacific region. Carro is evaluating further international expansion into Australia and is exploring a dual public listing, including a potential U.S. IPO that sources say could value the company at more than US$3 billion. Such a listing would be the largest Southeast Asian debut in the United States since 2017, highlighting Carro’s scale and regional dominance. The business is already backed by prominent investors such as Temasek and SoftBank Group. Carro positions itself as a full-stack automotive commerce player, monetizing through vehicle transactions as well as financial and after-sales services.