Online used car marketplace explores pre-IPO round to boost growth before potential US stock market launch in 18 months
Singapore’s leading online used car marketplace Carro, currently valued at over $1 billion, is exploring a $100 million-plus pre-IPO funding round from global and regional investors to boost growth and verticalization of its integrated auto offerings across Southeast Asia over the next 18 months in preparation for a potential US stock market launch in 2024.
Carro’s Marketplace Explores a $100 Million-Plus Fundraising
Carro, Singapore’s leading online used car marketplace, is exploring a $100 million-plus fundraising from global and regional investors, reported Reuters this week.
The pre-IPO round could further boost Carro’s $1 billion-plus valuation.
CFO Ernest Chew said several “blue chip” parties have approached amid IPO preparation, though details remain confidential.
Carro is also securing sizeable bank financing for expansion at a competitive 5% rate.
©Carro
Fueling Growth Before Potential 2024 US Debut
Proceeds will likely support business growth as Carro eyes a potential US stock market launch in 18 months, according to Chew.
The company has already undergone audits to meet public listing requirements.
Carro differentiates with integrated financing, insurance, and other auto services alongside used car transactions. Rival Carsome and Carousell Auto compete regionally.
Since 2015, Carro has raised over $1 billion (in debt & equity), backed by SoftBank and Singapore sovereign fund GIC, among others. This summer, the company achieved EBITDA profitability across current markets like Indonesia and Thailand.
©Carro
Expansion, Verticalization Strategies Drive Revenues
Over the next year and a half, Carro appears focused on sustaining growth momentum and verticalizing offerings for a standout public investor pitch.
Chew didn’t provide specifics but emphasized that the potential US listing depends on execution.
Committed financing and floats to IPOs often fail to materialize if markets shift.
Carro seems intent on leveraging fresh funding to strengthen operations before testing public markets in 2024. The upcoming round marks another stepping stone on that path.
