Carro, an automotive marketplace and car financing startup based in Singapore, said it has raised $30 million to extend and close its $90 million Series B financing round and acquired Indonesia-based marketplace Jualo as it looks to further scale its business in Southeast Asia.
The Series B round, for which Carro raised $60 million last year, was funded by SoftBank Ventures Asia, government-linked global investor EDBI, Dietrich Foundation, and NCORE Ventures.
Hanwha Asset Management as well as existing investors including Insignia Ventures, Facebook co-founder Eduardo Saverin’s B Capital Group, Singtel Innov8, Golden Gate Ventures, and Alpha JWC also participated in the round. The three-year-old startup has raised over US$100 million from investors.
“There was an overflow of interest in our Series B round, which we initially closed towards the end of last year. We had a lot of quality strategic investors coming to the and therefore decided to extend the round. The round is now officially closed,” Aaron Tan, founder and CEO of Carro, told gpgmail.
As part of the announcement, Carro said it had acquired Jualo.com, one of Indonesia’s fastest-growing marketplaces where sellers trade new and used goods in over 300 categories including cars, motorcycles, property, fashion, and electronics. Jualo has amassed 4 million monthly active users and facilitated transactions worth $1 billion last year.
Carro, which operates in Singapore, Thailand and Indonesia, said more than $500 million worth of vehicles were sold last year on its platform, up from $250 million in 2017 and $120 million the year before.
Carro has already expanded in terms of services. Initially a vehicle marketplace, it launched Genie Finance and has also forayed into insurance brokerage and road-side assistance. Last year, it introduced a service that completes vehicle sales in 60 minutes — Carro Express. In March this year, Carro launched its first subscription-based car service in Singapore to offer consumers additional flexibility.
Tan said that Jualo, which operates in several more categories than Carro, will continue to operate under its original branding. “Our aim with Jualo.com is to double down and grow the Jualo.com business; with a strong focus and emphasis on the automotive sector,” he said.
Carro, which sees more than 70% of its transactions come from outside home Singapore, will reveal expansion plans to new markets and more acquisition deals later this year, Tan said. The subscription service will also be extended, he added.
Carro is rivaled by a number of startups, including BeliMobilGue in Indonesia, Carsome, iCar Asia and Rocket Internet’s 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 in late 2017. Last year, Carsome — which covers Malaysia, Singapore, Indonesia and Thailand — raised a $19 million Series B, BeliMobilGue — Indonesia-only — raised $3.7 million and Carmudi landed $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 on Indonesia, the Philippines and Sri Lanka.