Singapore-based online car marketplace Carro has raised $60 million in a Series B round co-led by SoftBank Ventures Korea, Insignia Ventures and B Capital Group, to grow businesses in its current three markets Indonesia, Thailand and Singapore, as well as to fuel its expansion. IDG Ventures India founder Manika Arora, Venturra, Singtel Innov8, Golden Gate Ventures and Alpha JWC also participated in the round. The startup has sold vehicles which are worth $250 million last year and has forayed into loan and warranty businesses.
The fundraising came in the wake of Carro competitors, Malaysia’s iCar Asia and Carsome, Indonesia’s BeliMobilGue, as well as Berlin-headquartered Carmudi, have all added fresh funding to their war chests since last November.
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