{"id":8836,"date":"2019-08-07T10:08:08","date_gmt":"2019-08-07T02:08:08","guid":{"rendered":"https:\/\/blog.carro.sg\/?p=8836"},"modified":"2025-11-18T18:57:34","modified_gmt":"2025-11-18T10:57:34","slug":"entrepreneur-apac-this-start-up-is-in-an-acquisition-spree-to-expand-into-southeast-asias-used-car-marketplace","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/entrepreneur-apac-this-start-up-is-in-an-acquisition-spree-to-expand-into-southeast-asias-used-car-marketplace\/","title":{"rendered":"Entrepreneur APAC: This Start-up is in an Acquisition Spree to Expand into Southeast Asia’s Used Car Marketplace"},"content":{"rendered":"This article first appeared on Entrepreneur Asia Pacific<\/a>, written by Dipen Pradhan.<\/strong>\r\n
Carro has announced the acquisition of Indonesia's e-classified marketplace, Jualo - as part of the fresh US$30 million funding it raised recently from SoftBank Ventures Asia, and others<\/em><\/div>\r\n
<\/div>\r\n
\r\n\r\nSingapore-based wholesale automotive marketplace, Carro is in an acquisition spree as it plans to expand its operations in Southeast Asia. The startup today announced the acquisition of Indonesia\u2019s e-classified marketplace \u2014 Jualo \u2014 as part of the fresh US$30 million funding it raised recently from SoftBank Ventures Asia, including EDBI, Dietrich Foundation, NCORE Ventures, and Hanwha Asset Management.\r\n\r\nThe new debt finance also marks the closure of the 3-year-old Carro\u2019s Series B round, taking its total fundraise to close to US$100 million to date. The family office of Manik Arora, and existing investors including Venturra, Singtel Innov8, Golden Gate Ventures, and Alpha JWC also participated in the fresh round. It last secured US$60 million in May 2018 in the round that was co-led by Softbank Ventures Korea, Insignia Ventures Partners, and B Capital Group.\r\n\r\n<\/div>\r\n
\r\n\r\nAaron Tan, CEO and founder of Carro, said the acquisition of Jualo has been completed<\/b>.\r\n\r\n\u201cThis was done some time ago but we just closed the docs recently and hence the delay in announcing it. But it\u2019s entirely done now,\u201d Tan said. \u201cOur acquisition of Jualo will further boost the reach of our proprietary technology platform in Southeast Asia.\u201d\r\n\r\nLaunched in 2013, Jualo facilitates an online trading marketplace for used goods in over 300 categories in Indonesia, from automotive and clothing to properties, etc. The company has monthly traction of close to four million users per month and has facilitated transactions worth over US$1 billion in 2018, Carro announced.\r\n\r\n<\/div>\r\n
As part of the acquisition, Carro plans on retaining all key staff of Jualo<\/b> to continue to stay with the company under the original branding. However, it is uncertain if Carro will continue to service Jualo\u2019s other classified offerings. \u201cNo plans for that,\u201d Tan said. \u201cThe plan is to focus on cars and motorcycles for now.\u201d<\/div>\r\n
<\/div>\r\n
\r\n\r\nJualo was last reported to have raised an undisclosed amount in 2016 as part of its ongoing Series A funding round from investors including Susquehanna, Lionrock, and Alpha JWC Ventures.\r\n\r\n\"This\r\n\r\nIn pic: CEO and founder of Carro, Aaron Tan<\/i>\r\n

Acquisitions & Expansion<\/b><\/h2>\r\nCarro, which claims to have transacted over US$500 million worth of cars in 2018, is in an expansion spree since last year, starting its first acquisition with Thailand-based automotive marketplace, TrusteeCars. Tan said that the company plans on doing three more acquisitions<\/b>\u00a0of startups from the ASEAN region by the end of 2019.\r\n\r\nCarro is also pushing its subscription-based car service in Indonesia and Thailand as well, which it launched in Singapore in May this year. Carro\u2019s subscription service offers consumers to select cars from any of the four plans \u2014 namely daily<\/i>,\u00a0roomy<\/i>,\u00a0fancy,\u00a0<\/i>and\u00a0Luxury<\/i>\u00a0\u2014 by paying a flat monthly fee that includes all costs associated with car ownership such as insurance, road tax, warranty, maintenance costs, etc.\r\n\r\nCarro \u2014 which has its operation in more than 30 cities in Singapore, Thailand and Indonesia \u2014 claims to have sold US$500 million worth of vehicles in 2018, up from $250 million in 2017. The company, which provides services including buying and selling of used cars, along with financing, subscription, insurance, workshop and roadside assistance, also said to have grown by 100 per cent month-on-month.\r\n\r\n<\/div>\r\n
\r\n\r\nSoutheast Asia\u2019s used car marketplace is heated with a number of startups similar to Carro. There are Indonesia\u2019s BeliMobilGue, Malaysia\u2019s Carsome and iCar Asia, and others. According to Techcrunch, Carro is the best-funded startups by some margin.\r\n
People also liked:\r\n\r\n5 PAIN POINTS OF CAR OWNERSHIP FOR EXPATS IN SINGAPORE<\/a>\r\n4 WAYS CAR SUBSCRIPTION IS BETTER THAN CAR OWNERSHIP<\/a>\r\nPROS AND CONS OF CAR SUBSCRIPTIONS<\/a>\r\nWHAT\u2019S THE DIFFERENCE BETWEEN LEASING AND CAR SUBSCRIPTION?<\/a>\r\n<\/pre>\r\n<\/div>","protected":false},"excerpt":{"rendered":"
This article first appeared on Entrepreneur Asia Pacific, written by Dipen Pradhan. Carro has announced the acquisition of Indonesia’s e-classified marketplace, Jualo – as part of the fresh US$30 million funding it raised recently from SoftBank Ventures Asia, and others Singapore-based wholesale automotive marketplace, Carro is in an acquisition spree as it plans to expand …<\/p>\n","protected":false},"author":2,"featured_media":8837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-8836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/8836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=8836"}],"version-history":[{"count":1,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/8836\/revisions"}],"predecessor-version":[{"id":14576,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/8836\/revisions\/14576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media\/8837"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=8836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=8836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=8836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}