CARRO Group

Type

| Private

|

Industry|

* Automotive
* Direct Sales
* E-Commerce
* E-Commerce
* Marketplace
* Platforms
* Technology Platforms

Founded| 2015
Founder| Aaron Tan
Headquarters| Singapore

Number of locations

| 4 Countries, 30+ Cities

Area served

| Southeast Asia

Key people

* Aaron Tan, Chief Executive Officer (CEO)
* Kelvin Chng, Co-founder and Chief Technology Officer (CTO)
* Aditya Lesmana, Co-founder and Country Manager for Indonesia
* Manisha Seewal, Group Chief Marketing Officer (CMO)
* Andy Choi, Chief Operating Officer (COO)
* Ernest Chew, Chief Financial Officer (CFO)
* Manit Ghogar, Country Manager for Indonesia
* Helen Neo, Chief Executive Officer (CEO) of Genie Financial Services

Parent| Trusty Cars Pte. Ltd.
Website| https://carro.sg/

CARRO is an online car marketplace that offers full-stack services for all aspects of car ownership, including buying and selling cars, financing and workshop servicing.

The Singapore-based startup has operations throughout Malaysia, Indonesia and Thailand and is the largest car marketplace in the Southeast Asia region.[1].

## Contents

* 1 History
* 2 Technology
* 3 Services
* 4 Regional Expansion
* 5 Funding
* 6 Awards
* 7 References

## History[edit]

Founded in November 2015 by Aaron Tan, a former Venture capital with Singtel Innov8, the idea for CARRO emerged during a conversation about the difficulties of buying used cars in Singapore and from an honest seller.

The company’s founders then went on to write a proprietary pricing algorithm[2] that makes searching for the best car deals easier and with more transparency.

## Technology[edit]

CARRO first started as a marketplace for users, including small businesses and car dealerships in Singapore to buy and sell used cars[3]. As a tech platform, the process of buying and selling a car is digitized, with users selling and buying cars via daily auctions[4] online and through an app[5].

## Services[edit]

CARRO offers services driven by digital and technology. This includes an online and app-based car buying and selling service and an in-house digital financing solutions provider through its sister company, Genie Financial Services[6]. The company also has an in-house car workshop and an on-demand roadside recovery platform, which was Singapore’s first[7].

In April 2019, CARRO launched the first Vehicle subscription service in Singapore[8]. This service obsoletes long-term rental contracts, allowing customers to lease and drive brand new and used cars with a monthly fee.

In October 2019, CARRO launched a first of its kind usage-based insurance solution in partnership with NTUC Income.[9]

## Regional Expansion[edit]

In 2016, CARRO recorded over US$100 million worth of transactions after just 1 year of operations.[10] These figures doubled in 2017 to US$250 million and again doubled to US$500 million in 2018.

In 2017, CARRO started its regional expansion, opening offices in Thailand and Indonesia.[11]

In August 2019, CARRO acquired Indonesia’s leading C2C marketplace, Jualo.com,[12] and Thailand-based automotive marketplace, TrusteeCars.

In September 2019, the company announced its venture into neighbouring Malaysia with a US$30 million investment[13] in online car bidding platform, MyTukar.

## Funding[edit]

As of August 2019, CARRO closed its Series B funding raise at US$90 million, bringing the total funding the company has received to over US$100 million.

The company is backed by venture capital firms such as SoftBank Ventures Asia, B Capital Group, EDBI Pte Ltd, Insignia Ventures Partners[14]

The funding the company has received makes it one of the best-funded automotive marketplaces in the world.[15]

## Awards[edit]

* In 2019, CARRO was the Hottest Startup in 2019. The company also received a Silver Mobile Excellence Award for the Best E-commerce App.
* In 2018, CARRO won the VC Deal of the Year Award, granted by the Singapore Venture Capital and Private Equity Association (SVCA).

## References[edit]

1. ↑ admin. "myTukar Towards Aggressive Expansion Plans With USD30M Funding - Business Today". businesstoday.com/. Retrieved 2020-06-11.
2. ↑ Chan, Melissa (2016-06-13). "From Venture Capitalist To Startup Founder - Aaron Tan Of Carro Raises US$5.3M In Funding". Vulcan Post. Retrieved 2020-06-13.
3. ↑ Yeo, Renald (2016-08-29). "Carro simplifies car buying, selling". The Business Times. Retrieved 2020-06-13.
4. ↑ "Carro Express Commits to One Hour Sale for Car Sellers". High Net Worth. Retrieved 2020-06-13.
5. ↑ Yap, Jacky (2015-11-09). "Why You Should Bookmark Carro If You're A Car Buyer Or Seller In Singapore". Vulcan Post. Retrieved 2020-06-13.
6. ↑ "Genie Financial Services to grant auto loans to COVID-hit SMEs". Singapore Business Review. Retrieved 2020-06-13.
7. ↑ Chan, Melissa (2018-04-12). "S'pore Car Marketplace Carro Now Lets You Sell Your Car And Get The Money Within 1 Hour". Vulcan Post. Retrieved 2020-06-13.
8. ↑ "Singapore's first 'Netflix for cars' lets you switch between Ferraris, Porsches and Maseratis every month". AsiaOne. 2019-06-28. Retrieved 2020-06-13.
9. ↑ "Carro, NTUC Income launch pay-as-you-drive insurance". Singapore Business Review. Retrieved 2020-06-13.
10. ↑ "Automotive marketplace Carro acquires Indonesia's Jualo, extends Series B to $90M". TechCrunch. Retrieved 2020-06-13.
11. ↑ "Carro lands $5.3M to expand its car sales and services platform in Southeast Asia". TechCrunch. Retrieved 2020-06-13.
12. ↑ Pradhan, Dipen (2019-08-06). "This Start-up is on an Acquisition Spree to Expand into Southeast Asia's Used Car Marketplace". Entrepreneur. Retrieved 2020-06-13.
13. ↑ "Car bidding platform gets US$30mil boost | The Star". www.thestar.com.my. Retrieved 2020-06-13.
14. ↑ "Singaporean car marketplace Carro buys Indonesia's Jualo and adds USD 30 million to its Series B round". KrASIA. Retrieved 2020-06-13.
15. ↑ "Southeast Asia's Carro raises $60M for its automotive marketplace and car financing service". TechCrunch. Retrieved 2020-06-13.

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