Carro raises USD60 million in a round led by Cool Japan Fund to accelerate demand of Japanese cars across Asia Pacific

Carro Raises $60 Million to Boost Japanese Used Cars in Asia Pacific

Singapore’s popular online car marketplace Carro has scored a big win, raising $60 million in fresh funding. The round was led by Japan’s Cool Japan Fund, a government-backed investor, with several new backers joining in. This cash boost aims to ramp up demand for Japanese cars across Asia Pacific, where Carro operates in key markets like Singapore, Malaysia, Indonesia, and Thailand.

Japanese cars have long been favorites in the region for their reliability and cutting-edge tech, from fuel cell innovations to top-notch safety features. Carro’s Co-founder and CEO Aaron Tan shared his excitement: "Japanese automakers dominate Asia Pacific, and we’re set to grow the market for their Plug-in Hybrid Electric Vehicles (PHEVs). With rising demand for used cars and new PHEVs in Southeast Asia, fueled by economic growth, a booming middle class, and EV subsidies in places like Indonesia and Thailand, the timing is perfect."

The investment will help showcase Japan’s advanced automotive technologies to more buyers. Cool Japan Fund’s President, CEO, and COO Kenichi Kawasaki added, "Japanese cars already hold a strong share in the used car market here. This funding for Carro will strengthen that position and highlight what makes Japanese vehicles stand out."

Cool Japan Fund, started in 2013, supports Japanese businesses expanding abroad in areas like food, media, lifestyle, and travel. It’s all about growing overseas demand for Japan’s unique products and services to boost the economy.

Carro, founded in 2015 and headquartered in Singapore, is Asia Pacific’s top online used car marketplace. The unicorn startup—valued at over a billion dollars—handles more than 100,000 new and used vehicle transactions yearly across seven markets. It also leads in auto fintech, digital insurance, and after-sales services. Backed by big names like SoftBank Vision Fund and various sovereign funds, Carro has raised over S$700 million total and reports S$70 million in run-rate EBITDA. With 4,500 employees, its ecosystem includes:

• Carro’s core platform: The go-to spot for buying and selling used cars in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.
• Carro Care: In-house refurbishment and servicing, powered by Jardine Cycle & Carriage.
• Genie Financial Services: Modern auto financing in Singapore, Malaysia, Indonesia, and Thailand.
• MPM Rent: Indonesia’s top mobility firm for leasing and fleet services.
• Innorithm: Cutting-edge fleet management using IoT and machine learning.
• Kaidee: Thailand’s biggest online shopping and classifieds site.

Recently, Carro expanded to sell brand-new cars in Singapore and Malaysia, giving buyers even more choices. Powered by AI, proprietary pricing tools, and innovative tech, Carro makes car buying transparent and hassle-free.

This funding comes at a great time as the used car market in Asia Pacific heats up, especially for reliable Japanese models. If you’re in the market for a used car or eyeing a PHEV, Carro’s growth could mean more options soon.

For more details, check out www.carro.co or email marketing@carro.co.

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