Carro, Asia Pacific’s leading online car marketplace, has raised US$60 million in a round led by Cool Japan Fund (Japan’s sovereign wealth fund), with participation from several new investors. This investment will go towards bolstering the demand of Japanese cars across Asia Pacific where Carro has a presence in.
“Japanese automakers have always had a strong presence and historical dominance in Asia Pacific,” says Carro Co-founder and CEO Aaron Tan. “Japanese cars continue to be reliable and trustworthy with their advanced automotive technologies, including fuel cell innovations, and superior safety features. We are confident we can increase the market share of Japanese Plug-in Hybrid Electric Vehicles (PHEV) in time to come.”
The overall demand for used cars and new PHEVs, especially in the Southeast Asian region, is expected to grow, driven by anticipated economic expansion, the rise of the middle income population as well as government subsidies for EVs in countries like Indonesia and Thailand.
“Japanese cars hold a significant share of the used car market across Asia Pacific, and we’re keen to cement our dominance” says Cool Japan Fund President, CEO and COO, Kenichi Kawasaki. “Through this investment in Carro, Cool Japan Fund aims to boost demand for Japanese cars in the region and reinforce their value by showcasing Japan’s advanced automotive technologies.”
Founded in 2013, Cool Japan Fund is a government-backed private fund with the aim of contributing to the sustainable growth of Japan’s economy through the expansion of overseas demand and supply of Japanese products and services. Their diverse portfolio includes companies in F&B, media and content, lifestyle and travel.
Carro is Asia Pacific’s leading online automotive ecosystem platform. The unicorn startup transacts over 100,000 units of new and used vehicles per year across 7 markets and is a leading auto fintech, auto digital insurance broker and aftersales service provider in the region.
Photo Caption: Aaron Tan, Co-founder and CEO at Carro