Singapore’s Carro Secures $110m in Debt Financing, Additional Equity

Singapore’s Carro Secures 0m in Debt Financing, Additional Equity

Singapore-based car marketplace Carro said it secured S$150 million (US$110.5 million) in debt financing facilities as well as additional equity, backed by investors such as Mitsubishi Corporation and MS&AD Ventures.

The development comes as the company marks its fifth anniversary with a record high in monthly revenues, claiming to achieve over 500% year-on-year revenue growth in September. Carro also said in a statement that it’s on track to reach S$1 billion (US$736.7 million) in revenue in two years.

Carro claims to have remained EBITDA positive and logged its highest monthly EBITDA during the pandemic. The startup has been EBITDA positive for the last three quarters, it added.

Founded in 2015, Carro connects private sellers and dealers to potential car buyers through its full-stack solution. It started its regional expansion into Thailand and Indonesia in 2017, offering an in-house financing, after-sales services, as well as flexible vehicle ownership solutions.

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