The funding will be used to strengthen its presence in emerging markets.
Singapore-based full stack automotive marketplace Carro has closed its Series B capital infusion worth $60 million on May 14 led by Softbank Ventures Korea, Insignia Ventures Partners, and B Capital Group.
Carro, with its mission to become the platform of choice for the entire automotive ownership life cycle, aims to help car owners sell and buy quickly at a fair price by providing a market for used cars and auto finance. Overall, Carro has raised over $75m in funding since it was established in 2015. With its new financing fuel, Carro will double down on its online marketplace and expand its presence in emerging markets like Japan.
“We greatly appreciate the continued support from a growing investor base,” said Aaron Tan, Carro Chief Executive Officer. “We will double down on our online marketplaces and financing in emerging markets this year."
Softbank Ventures Korea’s Sean Lee, Insignia Ventures Partners’ Tan Yinglan and B Capital Group’s Eduardo Saverin also joined Carro's board. “The expertise they bring to the table will allow us to continue scaling up our online marketplace as well as Genie Financial Services, Carro’s own financial services company, which is already profitable. With credit approvals in just a few minutes, the purchase of any car can be done in 30 minutes or less,” says the Carro CEO.
Within two and a half years, Carro has commanded a large share of the wholesale auction market, expanding into auto financing, insurance brokerage, road side assistance and more. At least $250m worth of vehicles were transacted across Carro’s platforms in Indonesia, Thailand, and Singapore in 2017. In the same year, Carro’s Genie Financial Services, which provides lending and insurance services, has originated over $100m in loans, whilst a loan book of close to $40m was amassed in the automative marketplace's first year of operation.
More recently, Carro Express, a new service that aims to complete each used vehicle transaction within 60 minutes, has also struck a chord with consumers and dealers. Launched in over 30 locations across Southeast Asia in the past nine months, Carro Express witnessed the highest growth rate amongst all its marketplaces.
"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,” adds Tan.
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