Car sales are continuing to move toward digital sales, and customers are buying more and more things online. These shifts in the market are represented by a recent move made by car marketplace Carro which recently purchased Jualo, an online marketplace.
The deal comes as Carro raised some $30 million in fresh capital. “Jualo has amassed 4 million monthly active users and facilitated transactions worth $1 billion last year,” the report stated. “Carro, which operates in Singapore, Thailand and Indonesia, said more than $500 million worth of vehicles were sold last year on its platform, up from $250 million in 2017 and $120 million the year before.”
The deal is not the only recent news involving the online retail sales of automobiles.
Truebil, an India-based online marketplace to buy and sell second-hand cars, has raised $14 million in a Series B round led by Japanese investor Joe Hirao, the Founder of ZIGExN. Launched in 2015, Mumbai-based Truebil was founded by former Housing.com employees Suraj Kalwani, Ravi Chirania, Shubh Bansal, Rakesh Raman and Shanu Vivek, along with former Fab.com Executive Ritesh Pandey and former Rio Tinto official Himanshu Singhal. The online marketplace focuses on peer-to-peer sales of cars in Indian cities like Mumbai, Bangalore and Delhi, and also offers services such as free inspection, valuation, quick sell guarantee, vehicle buying consulting, smooth paper transfer, loan assistance, insurance and more.
“We are currently selling over 600 cars per month — and with our strong tech backbone, we are making aggressive strides towards becoming the numero uno used car retailer platform in India,” Kalwani, Chief Executive of Truebil, said.
Read more here
Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.