Carro, whose platform allows consumers and dealers to buy and sell vehicles, is trying to win over investors scarred by an implosion in startup valuations over the past two years. The Singapore-based startup is also operating in a highly competitive market, one that’s resistant to change. Tan, who founded his startup in 2015 with two fellow Carnegie Mellon graduates, is betting on innovations to stand out from the pack.
Southeast Asia’s used-car marketplace Carro is raising about US$100 million as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player.
The company is speaking with investors for a pre-initial public offering funding round which could raise its valuation to more than US$1.5 billion, Chief Executive Officer Aaron Tan said in an interview. The firm, which has about 4,500 staff and counts SoftBank Group Corp as well as Singapore’s GIC and Temasek Holdings among its investors, just posted its first annual operating profit.
