Singapore Car Startup Seeks Valuation of Over $1.5 Billion
- Used-vehicle platform courts investors with profit pledges
- Carro vies with Malaysia’s Carsome for region’s top spot
This article is for subscribers only.
Southeast Asia’s used-car marketplace Carro is raising about $100 million as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player.
The company is speaking with investors for a pre-initial public offering funding round which could raise its valuation to more than $1.5 billion, Chief Executive Officer Aaron Tan said in an interview. The firm, which has about 4,500 staff and counts SoftBank Group Corp. as well as Singapore’s GIC Pte and Temasek Holdings Pte among its investors, just posted its first annual operating profit.