Carro raises $60 million to boost Japanese vehicles across Asia-Pacific

Singapore-based automotive marketplace Carro has secured US$60 million in a new funding round led by Japan’s sovereign wealth fund, Cool Japan Fund. 

The aim? To ramp up the promotion and adoption of Japanese plug-in hybrid electric vehicles (PHEVs) throughout the Asia-Pacific region.

Carro already operates in several major Asian markets: Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong. This fresh investment will be channeled into several fronts:

• Marketing & promotion of Japanese cars, especially hybrids and PHEVs, to increase their share in the region.
• Expanding Carro’s services—their digital ecosystem already offers vehicle sales, financing, insurance, and after-sales services—and scaling them further across markets.
• Possibly accelerating their presence in Australia.
• Preparatory steps toward a dual listing, including a potential U.S. IPO, with valuation estimates north of US$3 billion.

Supported by backers like Temasek and SoftBank, Carro is positioning itself not only as a used-car marketplace but as a full-spectrum automotive tech & commerce platform.