The company plans to use the funding to expand in Southeast Asia ahead of its planned IPO. Here are the top-line bullets you need to know.
Carro, an online used cars marketplace, has raised $360M in a Series C that drew participation from SoftBank Group, MSIG, Indies Capital Partners, and Provident Growth, among others.
HOW’S THE COMPANY PERFORMING?
- Singapore-based Carro is an AI-powered online marketplace for buyers and sellers of pre-owned cars. It also provides financing and after-sales services.
- The company says it’s facilitating about $1B in gross merchandise volume on an annualized basis.
- Carro has reportedly achieved a 2.5X year-on-year growth, with annual revenue of over $226M for the fiscal year ending March 2021.
- The company employs 1,000 people across its offices in Indonesia, Thailand, Malaysia, and Singapore.
WHY DOES THE MARKET MATTER?
- The global used car market is projected to expand at a CAGR of 10% and reach a value of $403B by 2026, according to Global Information.
- The Covid-19 pandemic has accelerated digitization in the auto retail space, with 61% of consumers now open to buying a car online, up from 32% before the pandemic.