Carro, a wholesale car platform based out of Singapore, recently fund raised $30 million during a Series B round.
New investors included companies like SoftBank Ventures Asia, government-linked global investor EDBI, Dietrich Foundation, NCORE Ventures, and Hanwha Asset Management.
The fresh funds will be used to accelerate its expansion across Southeast Asia.
Carro has already used part of the capital to acquire Jualo, an Indonesia-based consumer-to-consumer marketplace platform that attracted over 4 million users per month and facilitated over USD 1 billion in transactions in 2018, said Carro.
Jualo’s platform helps private and professional sellers trade new and used goods in over 300 categories including cars, property, fashion, and electronics across all 34 provinces in Indonesia. It also allows users to post job advertisements.
Jualo’s list of investors included venture funds like Alpha JWC Ventures, Openspace Ventures, and Kejora Ventures among others.
Carro on the other hand is an online marketplace for people to buy and sell used cars. Besides facilitating car transactions, Carro also offers after-sales services that a car owner might need throughout the vehicle’s lifespan such as car care services, roadside recovery services, and warranties.
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