CARRO Group

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CARRO Group
Private
Industry
  • Automotive
  • Direct Sales
  • E-Commerce
  • E-Commerce
  • Marketplace
  • Platforms
  • Technology Platforms
Founded2015
FounderAaron Tan
HeadquartersSingapore
Number of locations
4 Countries, 30+ Cities
Area served
Southeast Asia
Key people
  • Aaron Tan, Chief Executive Officer (CEO)
  • Kelvin Chng, Co-founder and Chief Technology Officer (CTO)
  • Aditya Lesmana, Co-founder and Country Manager for Indonesia
  • Manisha Seewal, Group Chief Marketing Officer (CMO)
  • Andy Choi, Chief Operating Officer (COO)
  • Ernest Chew, Chief Financial Officer (CFO)
  • Manit Ghogar, Country Manager for Indonesia
  • Helen Neo, Chief Executive Officer (CEO) of Genie Financial Services
ParentTrusty Cars Pte. Ltd.
Websitehttps://carro.sg/

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.[1].

History

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[2] that makes searching for the best car deals easier and with more transparency.

Technology

CARRO first started as a marketplace for users, including small businesses and car dealerships in Singapore to buy and sell used cars[3]. As a tech platform, the process of buying and selling a car is digitized, with users selling and buying cars via daily auctions[4] online and through an app[5].

Services

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[6]. The company also has an in-house car workshop and an on-demand roadside recovery platform, which was Singapore’s first[7].

In April 2019, CARRO launched the first Vehicle subscription service in Singapore[8]. 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.[9]

Regional Expansion

In 2016, CARRO recorded over US$100 million worth of transactions after just 1 year of operations.[10] 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.[11]

In August 2019, CARRO acquired Indonesia’s leading C2C marketplace, Jualo.com,[12] and Thailand-based automotive marketplace, TrusteeCars.

In September 2019, the company announced its venture into neighbouring Malaysia with a US$30 million investment[13] in online car bidding platform, MyTukar.

Funding

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[14]

The funding the company has received makes it one of the best-funded automotive marketplaces in the world.[15]

Awards

  • 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).

References

  1. admin. "myTukar Towards Aggressive Expansion Plans With USD30M Funding - Business Today". businesstoday.com/. Retrieved 2020-06-11.
  2. Chan, Melissa (2016-06-13). "From Venture Capitalist To Startup Founder - Aaron Tan Of Carro Raises US$5.3M In Funding". Vulcan Post. Retrieved 2020-06-13.
  3. Yeo, Renald (2016-08-29). "Carro simplifies car buying, selling". The Business Times. Retrieved 2020-06-13.
  4. "Carro Express Commits to One Hour Sale for Car Sellers". High Net Worth. Retrieved 2020-06-13.
  5. Yap, Jacky (2015-11-09). "Why You Should Bookmark Carro If You're A Car Buyer Or Seller In Singapore". Vulcan Post. Retrieved 2020-06-13.
  6. "Genie Financial Services to grant auto loans to COVID-hit SMEs". Singapore Business Review. Retrieved 2020-06-13.
  7. Chan, Melissa (2018-04-12). "S'pore Car Marketplace Carro Now Lets You Sell Your Car And Get The Money Within 1 Hour". Vulcan Post. Retrieved 2020-06-13.
  8. "Singapore's first 'Netflix for cars' lets you switch between Ferraris, Porsches and Maseratis every month". AsiaOne. 2019-06-28. Retrieved 2020-06-13.
  9. "Carro, NTUC Income launch pay-as-you-drive insurance". Singapore Business Review. Retrieved 2020-06-13.
  10. "Automotive marketplace Carro acquires Indonesia's Jualo, extends Series B to $90M". TechCrunch. Retrieved 2020-06-13.
  11. "Carro lands $5.3M to expand its car sales and services platform in Southeast Asia". TechCrunch. Retrieved 2020-06-13.
  12. Pradhan, Dipen (2019-08-06). "This Start-up is on an Acquisition Spree to Expand into Southeast Asia's Used Car Marketplace". Entrepreneur. Retrieved 2020-06-13.
  13. "Car bidding platform gets US$30mil boost | The Star". www.thestar.com.my. Retrieved 2020-06-13.
  14. "Singaporean car marketplace Carro buys Indonesia's Jualo and adds USD 30 million to its Series B round". KrASIA. Retrieved 2020-06-13.
  15. "Southeast Asia's Carro raises $60M for its automotive marketplace and car financing service". TechCrunch. Retrieved 2020-06-13.

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