Online market for used car- Carro raises $5.3 million in A funding round led by Lippo Group-backed venture firm Venturra Capital. Singapore based startup secured more investors like Singtel, Innov8, Golden Gate Ventures, Alpha JWC, Skystar Ventures, GMO Ventures and othes from Indonesia, Singapore, Japan and China. By later 2016 expansion plans are to be executed with the funds, regions being Malaysia, Indonesia and Thailand. Currently not active in India, but foresees to enter soon as situations prevail.
Launched in November 2015 by five former IDA (Information Development Authority) Singapore National Infocomm Scholars. It is a platform connecting buyers and sellers directly on a single platform. Based on various algorithms let users buy and sell cars faster at a great price. It makes the process of buying and selling cars very efficient and less time consuming. It assist you with every single step viz. transfer, car loan and insurance process too. It also ensures the quality by going through end to end car inspection with various services. A wide range of cars is available every time you log on to the site along with certification by it’s trained mechanic.
The revenue model is basically commission based, which is generated through partnerships with banks and insurance firms. Everytime a car is sold via Carro platform a fee of $183 is charged.
Growth of 30% month-on-month is claimed by startup since it’s launch back in 2015. It aims to reach merchandise run rate of SG$100 million by end of 2016. In November 2015, the company had also bagged seed funding of SG$1 million.
Moreover to enhance customer experience and belief in company, startup also initiatd another program under name of Carro Workshop. It is a mobile app that let users to look for workshops around them. In addition to this it lists recommended workshops which is based on pricing, location and service preferences provided by the users.