Carro Announces Funding of More than 428 Billion Rupiah, Acquires Jualo.com Layanan Services

Was part of a series B fundraiser, previously raised $60 million

Randi Eka - 6 August 2019

Service developer marketplace automotive Carro today (06/8) announced that it has received further funding of $30 million or equivalent to 428,2 billion Rupiah. This investment is a continuation of series B . raising previously announced in May 2018 ($30 million) and March 2019 ($30 million).

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SoftBank Ventures Asia is again leading the way, this time with EDB Investment. The Dietrich Foundation, NCORE Ventures, Insignia Ventures, B Capital Group, Singtel Innov8 and Alpha JWC were also involved in this funding.

If totaled from first funding, more or less Carro has raised a total of more than $100 million from investors.

The additional capital injection will be focused on continuing Carro's expansion in Southeast Asia. Including doing platform acquisition marketplace C2C Jualo.com in Indonesia.

"Our acquisition of Jualo.com will increase the reach of our technology platform in Southeast Asia, especially as Indonesia is the largest automotive market in the region," said Carro Founder & CEO Aaron Tan.

Meanwhile regarding this acquisition, Jualo.com CEO Pedro Principe said "Our business models complement each other in many aspects and this acquisition drives our shared vision of empowering the Indonesian people by marketplace safe and reliable."

Over the past year, Car quite developed in the Indonesian and Thai markets. They claim that there have been more than 4 vehicle transactions per month with a value of $500 million. Meanwhile, in March 2019, Carro launched its first subscription car service in Singapore.

While Jualo.com was founded in 2013 by Chaim Fetter. Initially, Jualo was positioned as marketplace sales of new and used items such as OLX. Recently, Jualo has focused on presenting feature automotive products.