Carro is an automotive marketplace that offers a full-stack service for all aspects of car ownership.
Carro challenges the traditional way of buying and selling of cars by offering a trustworthy and transparent experience, through a proprietary pricing algorithm.
Carro was founded in 2015 by Aaron Tan. The company is based in Singapore, Singapore with additional offices in Dubai & Bangkok.
Carro's operations are divided into three sections: wholesale, retail and fintech. Its wholesale business works with car dealers who want to purchase inventory, while its retail side sells to consumers. Its fintech operation offers products for both, including B2C car loans, auto insurance and B2B working capital loans.
Carro's platform uses computer vision and sound technology to replicate the experience of inspecting a vehicle in-person. When someone clicks on a Carro listing, an AI bot automatically engages with them, providing more details about the cost of the car and answering questions.
Carro recently launched a beta product called Showroom Anywhere. Currently available in Singapore, it allows people to unlock Carro cars parked throughout the city, using QR codes, so they can inspect it at any time of the day, without a salesperson around.
Carro is backed by Softbank Ventures, Temasek, SoftBank Vision Fund 2, Golden Gate Ventures, EDBI Pte, Insignia Ventures, Mitsubishi Corp, Singtel Innov8, B Capital, and others. The company raised another $15.6M in an ongoing Series C round on Dec 20, 2021. This brings Carro's total funding to $705.1M to date. Carro was valued at $1B from the 1st tranche of Series C round raised in Jun 2021.