SG’s online auto marketplace Carro raises around $111m in debt, equity

Carro

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.