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§ Private Profile · Irvine, CA, USA
Online marketplace for buying and selling new and used cars, with integrated services like financing and insurance across Southeast Asia.
Carro is a Singapore-based online marketplace that facilitates the buying, selling, and leasing of new and used vehicles across Southeast and East Asia. Operating in international markets such as Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong, the platform integrates artificial intelligence into the automobile trading process. Beyond standard vehicle sales, the company provides supplementary financial technology services and after-sales care, including auto loans and vehicle insurance products. Following a $360 million venture funding round in June 2021, the enterprise achieved a valuation exceeding $1 billion to reach unicorn status. The company generated $300 million in revenue for the year ending March 2021 and was recognized by the Financial Times for maintaining a compound annual growth rate above 400 percent. Carro was founded in 2015 by Carnegie Mellon University alumni Aaron Tan, Aditya Lesmana, and Kelvin Chng.
Carro has raised $644.4M across 12 funding rounds.
Carro has raised $644.4M in total across 12 funding rounds.
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]
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]
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]
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]
Carro has raised $644.4M across 12 funding rounds. Most recently, it raised $60.0M Other Equity in September 2025.
Carro has raised $644.4M in total across 12 funding rounds.
Carro's investors include Kenichi Kawasaki, Amanda Murphy, Shaun Chong, Chang Wen Lai, Alpha Edison, Alumni Ventures, Gaingels, Space Capital, Dylan Taylor, Nate Redmond, Corazon Capital, GC1 Ventures.