Carro, a Singapore Start-Up Company Funded Over $300 Million From SoftBank and Others

You should know what contactless delivery is by now, but you have probably never heard of a contactless car showroom. A Singapore-based startup company, Carro has raised $360 million in a Series C funding led by SoftBank Vision Fund 2, a venture capital fund of Japan’s SoftBank Group.

The latest round of funding was joined by EV Growth and Alpha JWC Ventures, which marks the first time both companies have cross paths, backing up the same startup.

The startup did not specify the exact value, but they have shared the joy of surpassing the $1 billion mark in annual gross merchandise volume – becoming another unicorn.

The funding serves the purpose of expanding their market across nations brimming with potentials – Thailand, Malaysia, Indonesia, and Singapore. Part of the fund is allocated to their financial services and upgrading their AI technology, particularly the part that facilitates transactions.

The founder and CEO of Carro, Aaron Tan, shared with CNBC’s Squawk Box their intention to go public over the next 2 years. Although it has not been confirmed when, however, according to Aaron, the New York stock exchange and Nasqad seem to house great potential for the company’s public listing.

Similar to well-known platforms that run activities of selling and buying clothes, Carro is an online market that allows users to sell, lease, and buy new or used cars in the comfort of their own homes. Since 2015, Carro has been in the industry for at least half a decade serving its customers. It’s a one-stop marketplace where users can find financing options, insurance, and maintenance services, too.

Companies that fall under the same group as Carro include Genie, a financial services unit; myTukar, a car bidding platform in Malaysia; and Jualo, a C2C (consumer-to-consumer) market.

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