Carro

Carro is a technology company.

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Updated: Feb 17, 2026 ·

Recent News & Mentions

Sep 1, 2022FundingCarro - Series B Aug 1, 2020FundingCarro - Venture Round Oct 1, 2019FundingCarro - Series A Mar 1, 2019FundingCarro - Series B Jul 1, 2018FundingCarro - Seed May 1, 2018FundingCarro - Series B Mar 1, 2017FundingCarro - Series A Jun 1, 2016FundingCarro - Series A

Financial History

Carro has raised $149.0M across 8 funding rounds. Most recently, it raised $25.0M Series B in September 2022.

Total Raised

$149.0M

Valuation

N/A

Funding Rounds Raised

Date	Round	Other Investors
Sep 1, 2022	$25.0M Series B	Alpha Edison, Alumni Ventures, Gaingels, Space Capital, Dylan Taylor
Aug 1, 2020	$11.0M Venture Round	MS&AD Ventures, Errol Damelin, Jared Simon, Sam Shank, Steve Hafner
Oct 1, 2019	$4.0M Series A	MS&AD Ventures, Errol Damelin, Jared Simon, Sam Shank, Steve Hafner
Mar 1, 2019	$30.0M Series B	B Capital Group, Blockchange Ventures, FJ Labs, Flybridge Capital Partners, Forerunner Ventures, Golden Gate Ventures, Insignia Ventures Partners
Jul 1, 2018	$2.0M Seed	Alpha Edison, Alumni Ventures, Gaingels, Space Capital, Dylan Taylor
May 1, 2018	$60.0M Series B	B Capital Group, Blockchange Ventures, FJ Labs, Flybridge Capital Partners, Forerunner Ventures, Golden Gate Ventures, Insignia Ventures Partners
Mar 1, 2017	$12.0M Series A	Alpha JWC Ventures, Flybridge Capital Partners, Golden Gate Ventures
Jun 1, 2016	$5.0M Series A	Flybridge Capital Partners, Golden Gate Ventures

Financial History

Carro has raised $149.0M across 8 funding rounds.

Total Raised

$149.0M

Valuation

N/A

Deep Dive

High-Level Overview

Carro is Southeast Asia's largest online used car marketplace and a leading automotive ecosystem platform, headquartered in Singapore and operating in seven markets including Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.[1][3][4] The company builds a digital platform for buying and selling new and used cars, offering end-to-end services like vehicle inspections, financing, insurance, aftersales care, and AI-driven pricing algorithms to serve individual buyers, sellers, and businesses in the automotive sector.[1][2][4] It solves pain points in traditional car transactions—such as opacity, inefficiency, and lack of trust—by providing transparent evaluations, predictive maintenance, and seamless ownership experiences, driving strong growth with over S$2bn GMV run-rate in 2022, unicorn status in 2021, and recent profitability with S$70M run-rate EBITDA.[1][4]

Origin Story

Carro was co-founded in 2015 by Aaron Tan, Aditya Lesmana, and Kelvin Chng, classmates from Carnegie Mellon University, who identified a market gap for digital, convenient used car transactions amid rising consumer demand for online services.[2][3] Launched in Singapore in 2016, it quickly gained traction with nearly 20x year-on-year revenue growth in 2018 and over 4x in 2019, achieving EBITDA positivity in 2020.[1] Pivotal moments include a $360M Series C round in 2021 led by SoftBank Vision Fund, valuing it at $1B unicorn status, followed by acquisitions like 50% of Indonesia's MPM Rent in 2022, Thailand's Kaidee in 2023, a $60M stake in Republic Auto with Jardine Cycle & Carriage, and Hong Kong's Beyond Cars in 2024.[1][3]

Core Differentiators

AI and Data-Driven Transparency: Proprietary pricing algorithms, big data analytics, and AI provide precise vehicle valuations, tailored financing, and predictive maintenance, ensuring trustworthy transactions unlike opaque traditional markets.[1][2]
End-to-End Ecosystem: Comprehensive services from sourcing, inspection, certification, financing, insurance, to aftersales (e.g., Carro Care), creating a one-stop platform for holistic car ownership.[2][4]
Multi-Market Scale and Acquisitions: Presence in 7 APAC markets with over 4,500 staff, transacting 100,000+ vehicles yearly; strategic buys like Kaidee and Beyond Cars consolidate regional dominance.[1][3][4]
B2B Revenue Innovation: Monetizes AI insights and data for automotive partners, adding stability beyond consumer sales.[2]
Expansion to New Cars: Recently added brand-new car sales in Singapore and Malaysia, broadening options.[4]

Role in the Broader Tech Landscape

Carro rides the wave of digital transformation in automotive retail, fueled by rising e-commerce adoption, AI advancements, and demand for used cars in price-sensitive APAC markets amid economic shifts and supply chain issues.[1][2][4] Its timing aligns with post-pandemic acceleration in online transactions and fintech integration, capturing growth in Japanese used cars via a $60M Cool Japan Fund round in 2025 to export advanced tech regionally.[4] Market forces like urbanization, younger buyers preferring platforms over dealerships, and sustainability trends (e.g., efficient used car cycles) favor its model; Carro influences the ecosystem by setting standards for transparency, partnering with giants like Jardine Cycle & Carriage, and enabling B2B data tools that uplift the broader industry.[1][3][4]

Quick Take & Future Outlook

Carro's momentum—net profitability, S$70M EBITDA run-rate, and fresh capital—positions it for aggressive expansion, potentially deepening Japanese car imports, new car lines, and aftersales via acquisitions.[1][4] Trends like EV adoption, AI personalization, and APAC economic recovery will shape its path, with influence evolving from marketplace leader to full-stack auto fintech powerhouse. As Southeast Asia's used car unicorn transforms opaque markets into efficient ecosystems, Carro exemplifies tech's power to redefine everyday essentials like car ownership.[1][2][4]

Sources

Frequently Asked Questions

How much funding has Carro raised?

Carro has raised $149.0M in total across 8 funding rounds.

Who are Carro's investors?

Carro's investors include Alpha Edison, Alumni Ventures, Gaingels, Space Capital, Dylan Taylor, MS&AD Ventures, Errol Damelin, Jared Simon, Sam Shank, Steve Hafner, B Capital Group, Blockchange Ventures.