With this strategic investment, Carro aims to power myTukar to digitally enable the traditionally used car dealerships across Malaysia, boost inter-city car sales and help local businesses grow.
Launched in 2018, myTukar is a Malaysian online car bidding platform that allows private sellers to schedule a vehicle inspection with a sales service agent. The platform then helps to facilitate a live bidding process amongst more than 1,500 dealers that myTukar currently works with nationwide.
According to Carro, its entry into Malaysia via myTukar is aimed at focusing on helping traditional car dealerships connect with private sellers via eCommerce channels and ultimately grow revenues. Initially established in Singapore, Carro has since expanded to Indonesia and Thailand to create a marketplace for automobiles.
Through funding round recently, it bagged $30 million and acquired Indonesia’s C2C marketplace platform Jualo.com. Securing that funding brought Carro’s total funding amount to US$90 million, with over US$60 million raised from a previous round by existing investors Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures, and Alpha JWC.
Aaron Tan, CEO, and founder of Carro said the next logical step after expanding in Indonesia and Thailand was Malaysia, as it is one of the leading automotive markets and digitally-savvy countries in Southeast Asia.
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