Though it did not disclose a valuation, Carro confirmed it had turned unicorn.

Carro, a Singapore-based online car marketplace, announced today its raise of $360 million in a Series C round led by SoftBank’s Vision Fund 2 and said it had achieved unicorn status. The portal’s users can buy, sell or lease both used or new cars. It also sells financing options, insurance, and maintenance services for those vehicles. (CNBC)

Other investors in Carro’s funding included insurance giant MSIG and Indonesian-based funds like EV Growth.

According to TechCrunch, Carro previously raised $90 million in a Series B round in August 2019. In the financial year ended March 2021, the startup’s revenue surged 2.5 times because the pandemic spurred a move away from public transport and towards owned vehicles.

Use of funds

Carro intends to beef up its presence in existing markets and also expand into Indonesia, Malaysia, and Thailand.

The company uses AI on its site and intends to accelerate its innovative use of the technology.

The AI is used to give prospective customers a 360-degree view of the vehicle, its interior and can virtually start the engine for a feel of how it sounds. Carro also uses machine learning to determine car prices. The software takes into account the vehicle’s make, model, mileage, and market data for the car.

Carro also intends to expand its Carro Care after-sales services in all its markets.

Potential IPO

According to Founder and CEO Aaron Tan, the company could likely go public in the next 18 to 24 months.

“I would say that ‘where’ depends on what is good at that point in time,” he said Tuesday to CNBC’s Squawk Box when asked where Carro may potentially list. “We like to think that the U.S., especially the New York stock exchange, or the Nasdaq, would probably be a good bourse to list the company potentially.”

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