Singapore’s Car Market Carro Becomes Unicorn With $360 Million Funding Round

Singapore’s Car Market Carro Becomes Unicorn With $360 Million Funding Round

Singapore-based online automotive marketplace Carro has achieved the unicorn status after a $360 ... [+] million funding round led by SoftBank. Singapore's online automotive marketplace Carro has joined the unicorn club after completing a $360 million funding round led by SoftBank, which is aimed at supporting its expansion into Southeast Asia. Carro said on Tuesday that its latest financing round put the startup's valuation at more than $1 billion, making it the first auto marketplace from Southeast Asia to achieve unicorn status in five years. Carro's new investors include several prominent Indonesian-based funds such as East Ventures' affiliate EV Growth. Carro said it plans to use the funds to strengthen its businesses in Indonesia, Thailand, Malaysia and Singapore. The company will also use the capital to expand its financial services and enhance its AI capabilities. "This is a huge milestone for us," Carro's CEO Aaron Tan said in a statement. "We are grateful for the strong support from our investors, which reaffirms our belief in the transformative power of AI in the automotive industry to deliver exceptional customer experience." Carro is also reportedly preparing for a U. S. public listing that could take place in the next 18 to 24