Singapore-based automotive e-commerce platform Carro has closed a series B round featuring corporates Singapore Telecommunications (SingTel) and SoftBank on $90m following a $30m extension, TechCrunch reported on Monday.
Aaron Tan, Carro’s founder and chief executive, confirmed that the oversubscribed round had closed. The $30m extension was first reported by DealStreetAsia in March 2019.
Telecommunications and internet group SoftBank’s SoftBank Ventures Asia unit co-led the initial $60m tranche with venture capital firms B Capital Group and Insigina Venture Partners in March 2018.
Singtel subsidiary Singtel Innov8 and Hanwha Asset Management, the investment management division of conglomerate Hanwha, also took part in the round, as did Golden Gate Ventures, Alpha JWC, Venturra Capital, EDBI, Dietrich Foundation and Ncore Ventures.
Carro operates an online marketplace that enables customers in Southeast Asian cities to buy and sell used cars. It recently expanded its services to include roadside assistance, maintenance and repair, in addition to financing through partner Genie Financial.
The company received $5.3m in a 2016 series A round led by Venturra Capital and backed by Singtel Innov8, GMO Venture Partners, which invests on behalf of internet company GMO, Golden Gate Ventures, Alpha JWC and Skystar Capital.
Singtel Innov8, Venturra Capital and Golden Gate Ventures then took part in a $12m round for Carro in early 2017, investing alongside unnamed new backers.
Carro announced the close of the round alongside its acquisition of Jualo, a Indonesia-based e-commerce platform backed by quantitative trading firm Susquehanna International Group (SIG), for an undisclosed amount.
Jualo operates an online platform that allows users to buy and sell new and used goods across more than 300 categories, such as cars, motorcycles, property, fashion, apparel and electronics. The purchase is part of Carro’s Southeast Asia expansion strategy, though Jualo will continue to operate under its own brand.
SIG led a multi-million dollar extension to Jualo’s series A round in September 2016 that included Alpha JWC and Lionrock Capital.
NSI Ventures led the round’s first tranche in June the same year, investing alongside Alpha JWC. Jualo’s backers also include Mountain Kejora Ventures, according to founder and CEO Chaim Fetter.