Singapore-based online car marketplace, Carro has raised US$ 110M in a funding round held in October 2020. Mitsubishi Corporation and MS&AD Ventures were the investors in this debt financing and additional equity round.
The progress comes along with Carro celebrating its fifth anniversary accompanied by a 500 percent year-on-year income growth in September. Moreover, Carro said it is aiming to earn US$ 740M revenue in the next 2 years.
Carro, founded in 2015, offers a buying, selling and a payment-based car service, wherein consumers can choose a suitable plan and get a car of their choice without the annoyance of traditional car ownership. The startup came up with this facility to fulfill the needs of today’s generation of drivers, who wish to enjoy the ease of owning a car without worrying about annual downgrading and unexpected costs such as maintenance, roadside assistance and insurance premiums.
Customers can avail the startup’s services by choosing any of its 4 plans, namely Daily, Roomy, Fancy and Luxury. With the service, customers can pay a flat fee once-a-month that includes all expenses related to car ownership, such as protection, road tax, service contract, 24-hour assistance, and maintenance costs. Customers can return the car whenever the term ends.
By offering a reliable and consistent experience, Carro also challenges the old-style way of purchasing and selling of cars through its exclusive pricing algorithm. CFO Ernest Chew said that the investors in his startup will definitely help accelerate their growth. The funds raised exhibit the trust of Carro’s financial supporters as it remained EBITDA positive throughout the COVID-19 pandemic. Moreover, he also mentioned that his startup has recently hit record high monthly revenues and EBITDA.
The startup has to date raised US$ 229.5M in funding from several investors including, SoftBank Ventures Asia, EDBI, Singtel Innov8, GMO VenturePartners, GoldenGate, Mitsubishi Corporation, Insignia Ventures Partners, Quest Ventures and 12 others.
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is an international integrated business enterprise that develops and runs businesses along with its offices and subsidiaries in about 90 countries and areas worldwide, in addition to a global network of around 1,700 group companies.
As of 2019, Mitsubishi Corporation employs over 79K individuals and operates in 7 business verticals, including finance, banking, energy, machinery, chemicals, and food.
About MS&AD Ventures
MS&AD is a corporate venture capital firm founded by MS&AD Insurance Group Holdings as its associated company. It invests in early-stage companies with an investment size ranging from US$ 500K to US$ 3M. The venture capital firm is especially interested in startups that have the capacity to go global in the next 3-5 years.
It is on a mission to contribute to the growth of a vibrant society and help secure a comprehensive future for the world. MS&AD strives to be the best partner who intends to create value globally.
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