Venturra Capital Leads IDR 70 Billion Series A Funding for Singapore Carro's End-to-End Car Marketplace

car marketplace end-to-end Singapore-based Carro announced the acquisition of Series A funding of $5,3 million (or approximately IDR 70 billion) from a consortium of investors led by Venturra Capital. Also participating in this funding were 2 other Indonesian VCs (Alpha JWC Ventures and Skystar Capital) and a number of investors based in Singapore, Japan, and China. Carro will soon expand to Indonesia, Malaysia and Thailand by the end of this year.

Carro, derived from the word "Car Hero", was founded in November 2015 by 5 co-founders who are both Singaporean government scholarship holders IDA National Infocomm Scholarship. One of them is Indonesian, Aditya Lesmana. Unlike other car marketplaces, it not only connects sellers and buyers, Car involved and facilitated the end-to-end process, in the form of car inspections, test drives, to car loan assistance (especially for used cars).

Included in this announcement is the launch of the Carro Workshop mobile application which provides workshop recommendations regarding the types of repair services needed, the rating and reputation of the workshop, and location. In total, during its 6 months of existence, the Carro team has launched 4 types of services.

Venturra Capital Managing Partner Stefan Jung couldn't hide his admiration. He said, "The Carro team impressed us with their technical prowess, great ambition and traction they have gained to date. Aaron [Carro CEO Aaron Tan] and his team have built a much better platform, for both buyers and sellers, than the existing platforms. there is."

In terms of performance, Carro claims to record growth of more than 30% every month and hopes to get a total service value of SG$100 million by the end of this year. Indeed, the main problem with selling used cars is how consumers get detailed information about the quality of the car and what the right price is when buying it. Traditional marketplaces simply offer a place to sell, while the latest startup trends in this sector are trying to go further to help sellers and buyers get the best prices and products.

In Indonesia, Carro will face Your Car which has a similar business model.

Carro CEO Aaron Tan, on this funding round, commented, "This round of funding underscores our commitment to providing our buyers and sellers with a higher level of trust and transparency. We secured funding from more than 10 institutional investors representing various countries to prepare we are entering each of these markets. We are well on the way to bringing Carro to more than 350 million people in Singapore, Indonesia, Malaysia and Thailand by the end of 2016."