Huat Kah Liao hah… Singapore's Carro raises $76.5 million to promote Japanese cars in Asia
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The investment will go towards promoting Japanese cars across the Asia-Pacific region.
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Published Sep 17, 2025, 08:52 AM
Updated Sep 17, 2025, 08:59 AM
SINGAPORE - Carro, Southeast Asia’s largest used-car online marketplace, has raised US$60 million (S$76.5 million) in a funding round led by Japan sovereign wealth fund Cool Japan Fund, the company said on Sept 17.
The investment will go towards promoting Japanese cars across the Asia-Pacific region, Carro said in a statement, adding it was confident that it could increase the market share of Japanese plug-in hybrid electric vehicles in the region.
Besides Singapore, Carro has a presence in markets including Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.
CEO Aaron Tan last week said the company was eyeing an expansion into Australia and a dual listing.
Sources familiar with the matter told Reuters in August that Carro was considering a US initial public offering at a valuation of more than US$3 billion, which would be the largest Southeast Asian listing in the US since SEA’s US$989.3 million debut in 2017, according to LSEG.
It would also be the first major automotive tech and commerce startup from Singapore to go public in the US.