Singapore’s Carro becomes a unicorn before IPO

Singapore: Singapore-headquartered Carro, a Southeast Asian online automotive marketplace, has raised $360 million in its latest funding round led by SoftBank Vision Fund II, becoming the region’s latest unicorn.

“The valuation for the company is well over a billion dollars,” Aaron Tan, founder and chief executive officer of Carro, told Reuters, but did not provide a specific number.

Carro will use the fresh capital to expand into new locations and grow its business in its existing markets—Indonesia, Thailand, Malaysia, and Singapore. It also plans to expand its portfolio of financial services and accelerate development of artificial intelligence capabilities.