CARRO Group

Short description: Online car marketplace

CARRO GroupFile:CARRO logo.svg

Type| Private
Industry| Automotive, Direct Sales, E-Commerce, E-Commerce, Marketplace, Platforms, Technology Platforms
Founded| July 2015; 10 years ago (2015-07)
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

Number of employees

| 1,000[1]
Parent| Trusty Cars Pte. Ltd.
Subsidiaries| Genie Financial Services
Jualo
MyTukar
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.[2]

## Contents

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

## History

Founded in July 2015 by Aaron Tan, a former venture capitalist with Singtel Innov8, the idea for CARRO emerged during a conversation about the difficulties of buying used cars in Singapore from honest sellers. This came as Aaron studied in the United States and observed how easy it was to buy cars transparently without middlemen, at the same time witnessing a lack of this in Southeast Asia. The company was also co-founded by Aaron's friends Aditya Lesmana and Kelvin Chng, with Aaron being the CEO.[3][4]

The company’s founders then went on to write a proprietary pricing algorithm[5] that makes searching for the best car deals easier and with more transparency.

In 2021, CARRO was named Singapore’s fastest-growing company by national news publication The Straits Times and global research company Statista.[6]

## Technology

CARRO first started as a marketplace for users, including small businesses and car dealerships in Singapore to buy and sell used cars.[7] As a tech platform, the process of buying and selling a car is digitized, with users selling and buying cars via daily auctions[8] online and through an app.[9]

## Services

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.[10] The company also has an in-house car workshop and an on-demand roadside recovery platform, which was Singapore’s first.[11]

In June 2016, CARRO launched a mobile app that recommends car owners workshops based on factors like services, reputation, ratings, locations and time of operation.[5]

In March 2017, CARRO launched an on-demand online marketplace that allows deals and sales to be completed within two hours.[12] The service was improved the following year, resulting in transactions taking only one hour.[13]

In March 2019, CARRO launched the first Vehicle subscription service in Singapore.[14][15] This service obsoletes long-term rental contracts, allowing customers to lease and drive brand new and used cars with a monthly fee.

In November 2019, CARRO launched a first of its kind usage-based insurance solution in partnership with NTUC Income.[16][17][18]

In July 2020, CARRO had created a safe option for Singapore buyers and sellers to trade used cars through a contactless purchase service, a move introduced to address consumer behaviour during the COVID-19 pandemic. The contactless service prioritised safety for CARRO customers and leveraged the company's existing technology, finance, maintenance and insurance solutions.[19]

## Regional Expansion

In 2016, CARRO recorded over US$100 million worth of transactions after just one year of operations.[20] These figures doubled in 2017 to US$250 million and again doubled to US$500 million in 2018.[citation needed]

In 2017, CARRO started its regional expansion, opening offices in Thailand and Indonesia.[21]

In August 2019, CARRO acquired Indonesia’s leading C2C marketplace, Jualo.com,[22] and Thailand-based automotive marketplace, TrusteeCars. The company also planned to do three more acquisitions by 2019 and expand to other Southeast Asian markets.[23]

In September 2019, the company announced its venture into neighbouring Malaysia with a US$30 million investment in online car bidding platform, MyTukar.[24][25]

In September 2021, plans were revealed to set up CARRO in other countries in Asia while firming up its existing markets. It also plans to list in the United States within the next 18 to 24 months.[26]

## Funding

In November 2015, CARRO received seed funding of US$716,000 in seed funding co-led by undisclosed legal investors.[3]

In June 2016, CARRO raised US$5.3 million in Series A funding led by Lippo Group-backed firm Venturra Capital, with other investors chipping in like Singtel Innov8, Golden Gate Ventures, Alpha JWC Ventures and Skystar Capital.[5]

In March 2017, CARRO raised US$12 million in Series A funding by an undisclosed investor. The money was used to fund its automobile financing firm Genie Financial Services.[27][28]

In May 2018, CARRO raised US$60 million in Series B funding co-led by Softbank Ventures Korea, Insignia Ventures Partners, and B Capital Group, and participated in by IDG Ventures India, Venturra Capital, Singtel Innov8, Golden Gate Ventures, and Alpha JWC Ventures.[29][30]

In August 2019, CARRO raised an additional US$30 million in Series B funding backed by investors SoftBank Ventures Asia, EDBI, Dietrich Foundation, NCORE Ventures, bringing the company’s Series B funding to US$90 million.[31][32][23]

In October 2020, CARRO raised close to US$150 million in debt financing facilities and equity from new investors Mitsubishi Corp and MS&AD Ventures. The company’s post-money valuation is reported to be US$289.1 million.[33]

In June 2021, CARRO raised US$360 million in Series C funding led by Softbank Vision Fund 2, along with other investors like MSIG and EV Growth. The funds raised resulted in CARRO achieving unicorn status (equivalent to US$1 billion valuation in company value).[34][35][36]

In December 2021, CARRO raised US$100 million in Series C funding led by investors including Temasek Holdings unit Anderson Investments, PNB Capital Global 2, Sime Darby's Sime Singapore and Mirae Asset.[37] Another US$15.6 million was raised from other investors the same month.[38]

## Awards

* 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

1. ↑ Chew, Hui Min (27 September 2021). "From entrepreneur at 13 to heading a unicorn start-up: What drives Carro co-founder Aaron Tan". https://www.channelnewsasia.com/singapore/carro-aaron-tan-car-startup-singapore-entrepreneurs-2197376.
2. ↑ "myTukar Towards Aggressive Expansion Plans With USD30M Funding - Business Today" (in en-US). 20 September 2019. https://www.businesstoday.com.my/2019/09/20/mytukar-towards-aggressive-expansion-plans-with-usd30m-funding/.
3. ↑ 3.0 3.1 Yon, Heong Tung (5 November 2015). "Singapore-based used car portal Carro raises US$716K in seed funding". https://sg.news.yahoo.com/weather/news/singapore-based-used-car-portal-carro-raises-us-010000878.html.
4. ↑ Chiang, Sheila (27 August 2020). "This S'porean Stepped Up A Gear To Grow Carro Into SEA's Largest Car Marketplace In 5 Years". https://vulcanpost.com/711035/carro-sea-largest-car-marketplace/.
5. ↑ 5.0 5.1 5.2 Chan, Melissa (13 June 2016). "From Venture Capitalist To Startup Founder - Aaron Tan Of Carro Raises US$5.3M In Funding" (in en-US). https://vulcanpost.com/578306/carro-aaron-tan-startup-raises-5-3-million-funding/.
6. ↑ "Singapore's fastest-growing companies in 2021" (in en). 19 January 2021. https://www.straitstimes.com/fastest-growing-companies-2021.
7. ↑ Yeo, Renald (29 August 2016). "Carro simplifies car buying, selling" (in en). https://www.businesstimes.com.sg/companies-markets/carro-simplifies-car-buying-selling.
8. ↑ "Carro Express Commits to One Hour Sale for Car Sellers" (in en). https://www.hnworth.com/article/spend/automobiles/carro-express-commits-to-one-hour-sale-for-car-sellers/.
9. ↑ Yap, Jacky (9 November 2015). "Why You Should Bookmark Carro If You're A Car Buyer Or Seller In Singapore" (in en-US). https://vulcanpost.com/443271/used-car-website-carro-singapore/.
10. ↑ "Genie Financial Services to grant auto loans to COVID-hit SMEs". https://sbr.com.sg/financial-services/more-news/genie-financial-services-grant-auto-loans-covid-hit-smes.
11. ↑ Chan, Melissa (12 April 2018). "S'pore Car Marketplace Carro Now Lets You Sell Your Car And Get The Money Within 1 Hour" (in en-US). https://vulcanpost.com/637602/singapore-carro-express-sell-car-one-hour/.
12. ↑ Chan, Melissa (13 March 2017). "S'pore Startup Carro Now Lets You Sell Your Car And Seal The Deal In Just 2 hours". https://vulcanpost.com/605221/carro-launches-carro-express/.
13. ↑ Chan, Melissa (12 April 2018). "S'pore Car Marketplace Carro Now Lets You Sell Your Car And Get The Money Within 1 Hour". https://vulcanpost.com/637602/singapore-carro-express-sell-car-one-hour/.
14. ↑ Muskita, Putra (28 March 2019). "Carro launches car subscription service in Singapore". https://www.techinasia.com/carro-launches-car-subscription-service-singapore.
15. ↑ Lee, Joey (28 June 2019). "Singapore's first 'Netflix for cars' lets you switch between Ferraris, Porsches and Maseratis every month" (in en). https://www.asiaone.com/lifestyle/singapore-first-netflix-cars-lets-you-switch-between-ferraris-porsches-and-maseratis.
16. ↑ Imran, Azlan (27 November 2019). "CARRO partners with NTUC Income to launch Singapore's first pay-as-you-drive insurance". https://carro.sg/blog/carro-ntuc-income-launch-pay-as-you-drive-insurance-2/.
17. ↑ Salim, Zafirah (27 November 2019). "Carro Launches S'pore's First 'Pay-As-You-Drive' Car Insurance: Drive Less, Pay Less". https://vulcanpost.com/682378/carro-pay-as-you-drive-car-insurance/.
18. ↑ "Carro, NTUC Income launch pay-as-you-drive insurance". https://sbr.com.sg/financial-services/news/carro-ntuc-income-launch-pay-you-drive-insurance.
19. ↑ BusinessToday (7 July 2020). "Carro launches contactless purchase service in Singapore" (in en-US). https://www.businesstoday.com.my/2020/07/07/carro-launches-contactless-purchase-service-in-singapore/.
20. ↑ Singh, Manish (6 August 2019). "Automotive marketplace Carro acquires Indonesia's Jualo, extends Series B to $90M" (in en-US). https://social.techcrunch.com/2019/08/05/carro-jualo-series-b-extended/.
21. ↑ Russell, Jon (13 June 2016). "Carro lands $5.3M to expand its car sales and services platform in Southeast Asia" (in en-US). https://social.techcrunch.com/2016/06/13/carro-lands-5-3m-to-expand-its-car-sales-and-services-platform-in-southeast-asia/.
22. ↑ Pradhan, Dipen (6 August 2019). "This Start-up is on an Acquisition Spree to Expand into Southeast Asia's Used Car Marketplace" (in en). https://www.entrepreneur.com/article/337808.
23. ↑ 23.0 23.1 Chong, Claudia (6 August 2019). "Car marketplace Carro eyes 4 acquisitions by year end after raising US$30m" (in en). https://www.businesstimes.com.sg/garage/car-marketplace-carro-eyes-4-acquisitions-by-year-end-after-raising-us30m.
24. ↑ Imran, Azlan (19 September 2019). "CARRO injects US$30 million into Malaysia's myTukar; drives aggressive expansion plans". https://carro.sg/blog/carro-injects-us30-million-into-malaysias-mytukar-drives-aggressive-expansion-plans/.
25. ↑ "Car bidding platform gets US$30mil boost". 23 September 2019. https://www.thestar.com.my/business/smebiz/2019/09/23/car-bidding-platform-gets-us30mil-boost.
26. ↑ Chew, Hui Min (27 September 2021). "From entrepreneur at 13 to heading a unicorn start-up: What drives Carro co-founder Aaron Tan". https://www.channelnewsasia.com/singapore/carro-aaron-tan-car-startup-singapore-entrepreneurs-2197376.
27. ↑ Russell, Jon (23 March 2017). "Singapore's Carro lands $12M to expand its auto listings business to vehicle financing". https://techcrunch.com/2017/03/23/carro-genie-finance/.
28. ↑ Chan, Melissa (23 March 2017). "From Cars To Loans: Carro Zooms Into Fintech, And Has Just Raised US$12 Million To Do It". https://vulcanpost.com/606016/carro-zooms-into-fintech-genie-finance/.
29. ↑ "Singapore car marketplace gets $80m to boost services" (in en). 15 May 2018. https://www.straitstimes.com/business/companies-markets/singapore-car-marketplace-gets-80m-to-boost-services.
30. ↑ Russell, Jon (14 May 2018). "Southeast Asia's Carro raises $60M for its automotive marketplace and car financing service" (in en-US). https://social.techcrunch.com/2018/05/13/carro-raises-60m/.
31. ↑ Singh, Manish (6 August 2019). "Automotive marketplace Carro acquires Indonesia's Jualo, extends Series B to $90M" (in en-US). https://social.techcrunch.com/2019/08/05/carro-jualo-series-b-extended/.
32. ↑ Tan, Zhixin (6 August 2019). "Singaporean car marketplace Carro buys Indonesia's Jualo and adds USD 30 million to its Series B round" (in en-US). https://kr-asia.com/singaporean-automotive-marketplace-carro-raises-additional-usd-30-million-in-ongoing-series-b-round.
33. ↑ Pillai, Sharanya (14 October 2020). "Carro confirms new funding; claims to be on track for S$1b run rate by 2022". https://www.businesstimes.com.sg/garage/news/carro-confirms-new-funding-claims-to-be-on-track-for-s1b-run-rate-by-2022.
34. ↑ "Singapore's Carro Achieves Unicorn Status, Raises SG$477 Million in Series C Funding Led By SoftBank Vision Fund 2". 15 June 2021. https://carro.sg/news/press-release-singapores-carro-achieves-unicorn-status-raises-sg477-million-in-series-c-funding-led-by-softbank-vision-fund-2-110.
35. ↑ Choudhury, Saheli Roy (15 June 2021). "Singapore start-up Carro bags $360 million in funds from SoftBank and others". https://www.cnbc.com/2021/06/15/singapore-start-up-carro-raises-360-million-from-softbank-and-others.html.
36. ↑ Shu, Catherine (15 June 2021). "Automotive marketplace Carro hits unicorn status with $360M Series C led by SoftBank Vision Fund 2". https://techcrunch.com/2021/06/14/automotive-marketplace-carro-hits-unicorn-status-with-360m-series-c-led-by-softbank-vision-fund-2/.
37. ↑ Pillai, Sharanya (1 December 2021). "Carro bags US$100m from Temasek, international investors". https://www.businesstimes.com.sg/garage/carro-bags-us100m-from-temasek-international-investors.
38. ↑ Sofia, Nurin (20 December 2021). "Carro bags another US$15.6m in ongoing Series C round". https://www.businesstimes.com.sg/garage/carro-bags-another-us156m-in-ongoing-series-c-round.

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