{"id":9140,"date":"2020-01-13T10:16:11","date_gmt":"2020-01-13T02:16:11","guid":{"rendered":"https:\/\/blog.carro.sg\/?p=9140"},"modified":"2025-11-05T17:37:22","modified_gmt":"2025-11-05T09:37:22","slug":"automotive-marketplace-raises-us90m-softbank-edbi","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/automotive-marketplace-raises-us90m-softbank-edbi\/","title":{"rendered":"CARRO raises US$90m from SoftBank Ventures Asia and EDBI"},"content":{"rendered":"
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The additional investment would be used to help Carro bolster its regional presence starting with the acquisition of Jualo.com, Indonesia\u2019s leading C2C marketplace<\/em><\/p>\r\n\r\n<\/div>\r\n

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\r\n\r\nSINGAPORE, 6th AUGUST 2019<\/strong> \u2013 Carro, Southeast Asia\u2019s largest wholesale automotive marketplace, today announced that it has raised an additional US$30 million on top of its last US$60M raise, from new investors including SoftBank Ventures Asia, government-linked global investor EDBI, Dietrich Foundation, NCORE Ventures. Hanwha Asset Management as well as existing investors including Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures and Alpha JWC. In just three years of operations, Carro has raised over US$100 million from investors.\r\n\r\nThe funding will be used to further its expansion across Southeast Asia, starting with its acquisition of Jualo.com; Indonesia's leading C2C marketplace platform.\r\n\r\n\u201cOur acquisition of Jualo.com will further boost the reach of our proprietary technology platform in Southeast Asia; especially as Indonesia is the region\u2019s largest automotive market,\u201d said Aaron Tan, the CEO and Founder of Carro. \u201cThis also underscores our commitment to provide better automotive trading experiences to Indonesians and propels our growth in Southeast Asia.\u201d\r\n\r\nFounded in 2013, Jualo.com is Indonesia\u2019s fastest-growing marketplace. The platform attracts over 4 million users per month and facilitated transactions worth over US$1 billion in 2018.\r\n\r\nJualo.com helps private and professional sellers trade new and used goods in over 300 categories including cars, motorcycles, property, fashion, electronics; as well as post job adverts. Jualo.com\u2019s reach is extensive as it deals with goods being traded across all 34 of Indonesia\u2019s provinces.\r\n\r\n\"We are very excited about this deal, as Carro is the market leader in trusted and transparent automobile trading in Southeast Asia.\" said Pedro Principe, CEO of Jualo.com \"Our business models are complementary in many aspects and this acquisition further drives our shared vision of empowering Indonesians with a safe and trusted marketplace.\"\r\n\r\nOver the past year, Carro has expanded aggressively in Indonesia and Thailand and is now present in over 30 cities across three countries. As part of its expansionary efforts from last year, the company has grown by 100 per cent month-on-month in both markets. Over 4,000 vehicles are transacted monthly on Carro in both Indonesia and Thailand, and tens of thousands of dealers have joined the Carro Wholesale network.\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\r\n\r\nCarro also launched the first subscription-based car service in Singapore, with over 3,000 people on waitlist since it launched in March 2019. The service offers consumers the flexibility of selecting a plan and driving off with a car of their choice without the hassle of traditional car ownership. Carro rolled-out this innovative service to cater to today\u2019s generation of drivers who wish to enjoy the convenience of owning a car without needing to worry about annual depreciation and unexpected expenses such as repairs, roadside assistance and insurance premiums.\r\n\r\nCarro\u2019s flexible subscription-based service is currently available in four plans: Daily, Roomy, Fancy and now Luxury. With the service, subscribers can pay a flat monthly fee that includes all costs associated with car ownership \u2013 such as insurance, road tax, warranty, 24-hour assistance, and maintenance costs. For added peace of mind, at the end of the term, customers can return the car with no questions asked about minor wear and tear, dents and scratches.\r\n\r\nCarro is transforming car ownership through its 360-degree approach which includes buying and selling, financing, subscription, insurance, workshop and roadside assistance. To date, Carro\u2019s forays across Southeast Asia include Singapore, Thailand and Indonesia. The company is the region\u2019s largest automotive marketplace \u2013 having transacted over US$500 million worth of cars in 2018.\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>","protected":false},"excerpt":{"rendered":"

The additional investment would be used to help Carro bolster its regional presence starting with the acquisition of Jualo.com, Indonesia\u2019s leading C2C marketplace SINGAPORE, 6th AUGUST 2019 \u2013 Carro, Southeast Asia\u2019s largest wholesale automotive marketplace, today announced that it has raised an additional US$30 million on top of its last US$60M raise, from new investors …<\/p>\n","protected":false},"author":44,"featured_media":8829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-9140","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\/9140","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=9140"}],"version-history":[{"count":2,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/9140\/revisions"}],"predecessor-version":[{"id":14500,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/9140\/revisions\/14500"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=9140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=9140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=9140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}