June 15

Carro Becomes Unicorn Following $360 Million Series C Raise, Plans to Go Public in 18-24 Months

Shagun Karki

Malaysia-based Carro has raised US$360 million in a Series C funding round led by SoftBank Vision Fund 2, making it the first automotive marketplace unicorn in Southeast Asia.

This news follows Carro’s US$110-million raise in debt financing last year.

The company plans to use the fresh capital to strengthen its market position and expand the retail offering across Indonesia, Thailand, Malaysia, and Singapore.

Carro has plans to enhance its portfolio of financial services by expanding beyond in-house loan financing, as well as accelerate the development of its AI capabilities.

Photo courtesy of Moss.

Source: e27 (link opens in a new window)

financial inclusion, impact investing, transportation