SINGAPORE (Reuters) -Carro, Southeast Asia’s largest used-car online marketplace, has raised $60 million in a funding round led by Japan sovereign wealth fund Cool Japan Fund, the company said on Wednesday.
The investment will go towards promoting Japanese cars across the Asia-Pacific region, Carro said in a statement, adding it was confident that it could increase the market share of Japanese plug-in hybrid electric vehicles in the region.
Besides Singapore, Carro has a presence in markets including Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.
CEO Aaron Tan last week said the company was eyeing an expansion into Australia and a dual listing.
Sources familiar with the matter told Reuters in August that Carro was considering a U.S. initial public offering at a valuation of more than $3 billion, which would be the largest Southeast Asian listing in the U.S. since SEA’s $989.3 million debut in 2017, according to LSEG.
It would also be the first major automotive tech and commerce startup from Singapore to go public in the United States.
Backed by investors including Temasek and SoftBank Group, Carro operates a digital platform that enables consumers and dealers to buy and sell vehicles, while also offering insurance, financing and after-sales services.
Cool Japan Fund is a government-backed private fund with the aim of contributing to Japan’s economy by increasing overseas demand for its products and services.
(Reporting by Xinghui KokEditing by Mark Potter)
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