Carro has raised a total of about S$150 million ($110.5 million) in debt financing and additional equity, the Singapore-based online auto marketplace said in a statement Wednesday.
The funding lines included new backers Japanese trading company Mitsubishi Corp. and MS&AD Ventures, the venture arm of MS&AD Insurance Group, the statement said.
While the exact breakdown of debt and equity ratio could not be ascertained, DealStreetAsia had earlier reported that the company had raised $11 million in equity in April this year.
Carro did not immediately respond to an emailed request for comment.
In the statement issued, Carro said it plans to use the funding for expanding its business in the region.
“We are thrilled to welcome our new strategic partners, who will help turbo-charge our growth,” Ernest Chew, chief financial officer at Carro, said in a statement.
“The funds raised showcase the trust from our financial backers as we remained EBITDA positive throughout the COVID-19 pandemic. In fact, we have recently hit record high monthly revenues and EBITDA,” Chew added.
Carro said September revenue was up more than 500 per cent on-year as the pandemic drove consumer interest in purchasing cars online to be delivered to their homes to allow for social distancing.
As of September, the online marketplace has raised more than S$100 million in equity from investors including SoftBank Ventures Asia, EDBI, Insignia Ventures Partners and B Capital Group.
Previously, Carro raised a $90 million Series B round in August 2019, which was backed by investors including SoftBank Ventures Asia, EDBI, Dietrich Foundation, B Capital Group, Insignia Ventures and Alpha JWC Ventures.
Carro offers online listings for new and used cars as well as financing options and roadside service; it operates in Singapore, Thailand, Malaysia and Indonesia.