What is CARRO Group? CARRO Group Review

Founded in 2015, Carro has an annual operating transaction volume of approximately $1 billion. Headquartered in Singapore, the startup has operations in Malaysia, Indonesia, and Thailand and is the largest online automotive marketplace in Southeast Asia. Carro Group companies include Genie, myTukar, and Jualo. As of June 2021, Carro has raised more than $400 million in equity from SoftBank Vision Fund, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners, and B Capital Group.

history

CARRO was founded in November 2015 by Aaron Tan, formerly the venture arm of Singtel Innov8. The idea for CARRO came about while talking to an honest seller about the difficulties of buying a used car in Singapore.

The company’s founders then wrote a proprietary pricing algorithm that made searching for the best car deals easier and more transparent.

technology

CARRO was originally a marketplace for users, including small businesses and car dealers in Singapore, to buy and sell used cars. As a technology platform, the process of buying and selling cars is digitized, and users buy and sell cars through online auctions and applications.

Serve

CARRO provides digital and technology-driven services. This includes an online and app-based car buying and selling service, as well as an in-house digital financial solutions provider through its sister company Genie Financial Services. The company is the first in Singapore to have an in-house car workshop and an on-demand roadside recovery platform.

CARRO launched its first vehicle subscription service in Singapore in April 2019. The service does away with long-term rental contracts, allowing customers to rent and drive new and used cars on a monthly basis.

In October 2019, CARRO launched the first usage-based insurance solution in partnership with NTUC Income.

Regional expansion

In 2016, CARRO achieved more than $100 million in transactions in just one year of operation. This figure doubled in 2017 to $250 million, and doubled again in 2018 to $500 million.

In 2017, CARRO began its regional expansion, opening offices in Thailand and Indonesia.

In August 2019, CARRO acquired Jualo.com, Indonesia's leading C2C marketplace, and TrusteeCars, Thailand's automotive marketplace.

In September 2019, the company announced a US$30 million investment in MyTukar, an online car bidding platform in neighboring Malaysia.

funds

As of August 2019, CARRO completed a $90 million Series B financing, bringing the company's total financing to over $100 million.

The company is backed by venture capital firms including SoftBank Ventures Asia, B capital Group, EDBI Pte Ltd, and Insignia Ventures Partners.

The funding the company has received makes it one of the best-funded automotive marketplaces in the world.

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