Automotive marketplace Carro bags USD 360 million in Series C funding

Automotive marketplace Carro has announced to have acquired unicorn status after securing USD 360 million in a Series C funding round led by SoftBank Vision Fund 2. Other investors including EV Growth and insurance giant MSIG had also participated in the fundraising.

The company will use its latest funding for acquisitions, expanding its financial services and developing its AI capabilities. It plans to extend its retail services in its markets in Indonesia, Malaysia, Thailand, and Singapore.

For those unaware, Carro was founded in 2015 as an online marketplace for cars which later expanded into more domains. In this context, the co-founder and CEO, Aaron Tan mentioned that the company’s operations are currently split into wholesale, fintech, and retail.

Carro essentially sells 90% of secondhand vehicles and also offers services that include the complete lifecycle of a car, right from maintenance to recycling its parts. It presently has around 1000 people and claims to have grown its revenue 2.5x times in the fiscal year ending March 2021.

The COVID-19 pandemic had also accelerated Carro’s business with people’s preference for personal vehicles, increased online car shopping, and high demand for EVs.

Carro uses computer vision and sound tech to give the user an in-person experience during the vehicle inspection. When a user clicks on the company’s listing, an AI automated bot engages provides details, and answering questions. One can also see a 360-degree view of the car and can virtually start its engine.

The Singapore-based automotive marketplace has launched a beta product named Showroom Anywhere for people who still want to have an in-person look before finalizing the car. This can allow users to unlock Carro cars using QR codes to inspect them without the need of a salesperson.

Cars come with a three or seven-day refund guarantee and a 30-day warranty. Customers can also apply for insurance and loans via Carro’s fintech platform. The company is also extending its after-sale services across all its markets.

Source Credits:

https://techcrunch.com/2021/06/14/automotive-marketplace-carro-hits-unicorn-status-with-360m-series-c-led-by-softbank-vision-fund-2/