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Carro raised $60 million to expand its used and hybrid car sales across Asia, backed by Japan’s Cool Japan Fund.
Carro, Asia Pacific's largest online used car marketplace, has raised $60 million led by Japan's Cool Japan Fund to boost demand for Japanese cars, especially used vehicles and plug-in hybrids, across the region.
The investment supports Carro’s expansion in seven markets, including Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Japan, and Taiwan, with plans to enter Australia and make several acquisitions.
Growth is expected due to rising middle-income populations, economic expansion, and government EV subsidies in countries like Indonesia and Thailand.
Carro, founded in 2013, transacts over 100,000 vehicles annually and offers financing, insurance, and after-sales services.
The Cool Japan Fund, a government-backed investment vehicle, aims to expand Japan’s global product and service presence.
Carro recaudó 60 millones de dólares para expandir sus ventas de autos usados e híbridos en toda Asia, respaldados por el Fondo Cool Japan de Japón.