Number of locations
|4 Countries, 30+ Cities|
|Parent||Trusty Cars Pte. Ltd.|
CARRO is an online car marketplace that offers full-stack services for all aspects of car ownership, including buying and selling cars, financing and workshop servicing.
The Singapore-based startup has operations throughout Malaysia, Indonesia and Thailand and is the largest car marketplace in the Southeast Asia region..
Founded in November 2015 by Aaron Tan, a former Venture capital with Singtel Innov8, the idea for CARRO emerged during a conversation about the difficulties of buying used cars in Singapore and from an honest seller.
The company’s founders then went on to write a proprietary pricing algorithm that makes searching for the best car deals easier and with more transparency.
CARRO first started as a marketplace for users, including small businesses and car dealerships in Singapore to buy and sell used cars. As a tech platform, the process of buying and selling a car is digitized, with users selling and buying cars via daily auctions online and through an app.
CARRO offers services driven by digital and technology. This includes an online and app-based car buying and selling service and an in-house digital financing solutions provider through its sister company, Genie Financial Services. The company also has an in-house car workshop and an on-demand roadside recovery platform, which was Singapore’s first.
In April 2019, CARRO launched the first Vehicle subscription service in Singapore. This service obsoletes long-term rental contracts, allowing customers to lease and drive brand new and used cars with a monthly fee.
In October 2019, CARRO launched a first of its kind usage-based insurance solution in partnership with NTUC Income.
In 2016, CARRO recorded over US$100 million worth of transactions after just 1 year of operations. These figures doubled in 2017 to US$250 million and again doubled to US$500 million in 2018.
In 2017, CARRO started its regional expansion, opening offices in Thailand and Indonesia.
In August 2019, CARRO acquired Indonesia’s leading C2C marketplace, Jualo.com, and Thailand-based automotive marketplace, TrusteeCars.
In September 2019, the company announced its venture into neighbouring Malaysia with a US$30 million investment in online car bidding platform, MyTukar.
As of August 2019, CARRO closed its Series B funding raise at US$90 million, bringing the total funding the company has received to over US$100 million.
The company is backed by venture capital firms such as SoftBank Ventures Asia, B Capital Group, EDBI Pte Ltd, Insignia Ventures Partners
The funding the company has received makes it one of the best-funded automotive marketplaces in the world.
- In 2019, CARRO was the Hottest Startup in 2019. The company also received a Silver Mobile Excellence Award for the Best E-commerce App.
- In 2018, CARRO won the VC Deal of the Year Award, granted by the Singapore Venture Capital and Private Equity Association (SVCA).
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