INSUBCONTINENT EXCLUSIVE:
Carro, an automotive classifieds service and car financing startup based in Singapore, has closed a $60 million Series B round to scale its
business in Southeast Asia.
The deal was co-led by SoftBank Ventures Korea, Insignia Ventures — the firm from ex-Sequoia Asia partner
Yinglan Tan — and Facebook co-founder Eduardo Saverin B Capital Group
Other participants include IDG Ventures India founder Manika Arora (via his family fund) and existing Carro backersVenturra,
Singtel Innov8,
Golden Gate Ventures and Alpha JWC.
Carro raised a $12 million Series A round in March 2017
This latest capital takes it to $78 million from investors to date, according to Crunchbase.
The 2.5-year-old company said in an
announcement that $250 million of vehicles were sold last year across its three markets: Indonesia, Thailand and Singapore
That more than double the $120 million it claimed in 2016
Last March, Carro introduced itsGenie Finance underwriting business, and over its first year, it claimsto have originated over $100 million
in loans while amassing a loan book of nearly $40 million.
Carro CEO Aaron Tan previously spent time at Singtel Innov8 and is one of a trio
Tan told TechCrunch that the capital will initially be spent growing Carro business in Indonesia, Thailand and Singapore, but further down
the line, there a plan for expansion.
&The exact markets are still to be determined but it may be a small setup in Japan and other sources
of cars,& he added.
Carro has already expanded in terms of services
Initially a vehicle marketplace, it launched Genie Finance and has also forayed intoinsurance brokerage and road-side assistance
It recently introduced a service that completes vehicle sales in 60 minutes — Carro Express — which it said is now available in 30
locations across Southeast Asia.
&We will double down on our online marketplaces and financing in emerging markets this year
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,& Tan said in a statement.
Carro is rivaled by a number of startups, includingBeliMobilGue in
Indonesia,Carsome,iCar Asia and Rocket Internet Carmudi, although with its new raise in the bank Carro is the best-funded by some
margin.
iCar Asia, which is managed by Malaysian venture builder Catcha, raised $19 million last November
This year has seen Carsome— which covers Malaysia, Singapore, Indonesia and Thailand — raise a $19 million Series B, BeliMobilGue —
Indonesia-only — raise $3.7 million and Carmudi land $10 million.
In the case of Carmudi, the business has retrenched itself
At its peak it covered over 20 markets worldwide across Asia, the Middle East, Africa and Latin America, but today its focus is onIndonesia,
the Philippines and Sri Lanka.
Carro monster raise follows another notable deal in Southeast Asia today which saw Carousell close a Series C
The firm added backing from new investors DBS, Southeast Asia largest bank, andEDBI, the corporate investment arm of Singapore Economic
Development Board.
Southeast Asia-based mobile listings startup Carousell raises $85M
