Carro was co-founded in 2015 by Aaron Tan and his Carnegie Mellon University classmates Aditya Lesmana and Kelvin Chng.[2][3]
In 2016, Carro received $5.3 million in a series A funding round led by Venturra Capital and other investors including Golden Gate Ventures, Alpha JWC and GMO Ventures.[4] In May 2018, Carro raised $60 million in a series B round led by Softbank Ventures Korea, Insignia Ventures Partners, Singtel Innov8 and B Capital.[5][6] In August 2019, Carro raised $30 million in a round of series B funding and used the funds to acquire the Indonesian e-commerce site Jualo.com.[6] In September, Carro announced the inception of its operations in Malaysia through a $30 million investment into the car-bidding online platform Carro Malaysia (formerly myTukar).[7][8]
In June 2021, Carro received $360 million in a C funding round which raised its valuation to $1 billion led by SoftBank.[3][9][10] In November, Singapore state investor Temasek Holdings and Malaysian fund manager and Permodalan Nasional Berhad (PNB) led a Series C round for Carro which raised more than $100 million, other investors included Sime Darby, Shinhan Financial Group and Mirae Asset.[11][12]
In June 2022, Carro acquired a 50% stake in the rental unit of the Indonesian automotive group, PT Mitra Pinasthika Mustika (MPM Rent) for nearly $54 million.[13] In March 2023, Carro added EMPG, the parent company of Kaidee, to its cap table.[14] In June, Carro entered into a partnership with Jardine Cycle & Carriage valued at more than $60 million.[15] In March 2024, Carro started its operations in Hong Kong by the acquisition of the used car market Beyond Cars.[1]