SG’s Carro mops up $90m for Series B round, acquires Indonesia’s Jualo

Carro, a Singapore-based automotive marketplace, has raised a total of $90 million in a Series B funding round from SoftBank Ventures Asia, EDBI and other investors.

According to a statement, Carro raised an additional $30 million for the oversubscribed round after securing $60 million in May last year. The $30-million was contributed by SoftBank Ventures Asia, EDBI, Dietrich Foundation and NCORE Ventures.

The other investors from its previous $60 million tranche include Hanwha Asset Management, Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures and Alpha JWC.

The announcement confirms an earlier report by DealStreetAsia.

Carro added that the fresh capital will be used to acquire Jualo.com, an C2C marketplace platform in Indonesia. Jualo helps users trade new and used goods in over 300 categories ranging from cars, motorcycles, property, fashion, electronics; it also posts job adverts.

According to the startup, it has over 4 million users a month and facilitates transactions worth over $1 billion in 2018. Its goods are traded across all 34 of Indonesia’s provinces.

Aaron Tan, the CEO and Founder of Carro said: “Our acquisition of Jualo.com will further boost the reach of our proprietary technology platform in Southeast Asia, especially as Indonesia is the region’s largest automotive market.”

Founded in 2015, Carro describes itself as a full-stack automotive marketplace. It offers a range of services including buying and selling, financing, subscription, insurance, workshop and roadside assistance for cars.

Carro is currently present in over 30 cities across Singapore, Indonesia and Thailand. The company considers itself to be region’s largest automotive marketplace – having transacted over $500 million worth of cars in 2018.

Carro competes with a number of players regionally. These include Rocket Internet-backed Carmudi, BeliMobilGue in Indonesia, as well as Carsome and iCar Asia from Malaysia.

Malaysia’s Carsome has raised $27.4 million, while Catcha-backed iCar Asia has gathered $39.1 million, according to Crunchbase.

In Indonesia, BeliMobilGue raised a total of $13.7 million from names like Intudo Ventures and Toyota Tunas. Rocket-Internet-backed Carmudi, which pared its global presence to focus on Asia, has raised $45 million so far. It last raised $10 million in a Series C round in 2017.

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.