STARTUP OF THE DAY
🇸🇬 Carro
🏎️ Cool Cash, Hot Wheels: Japan’s state fund fuels Carro’s expansion
Founded in 2015 and headquartered in Singapore, Carro is now Southeast Asia’s largest online car marketplace and a tech unicorn since 2021 (S$477M Series C led by SoftBank Vision Fund 2). It digitizes the entire car-ownership journey—from buying/selling to financing, insurance, and aftersales—powered by AI pricing and in-house tools.
🔜 Outlook: Dual listing (U.S./HK/SG) under review, Australia launch planned, and 2–3 acquisitions next quarter. AI is cutting tech costs by 20–30%. Footprint: 7 markets (SG, MY, ID, TH, JP, TW, HK).
💰 Fresh cash: $60M (including Tokyo’s state-backed Cool Japan Fund) to serve Asia-Pacific demand for used Japanese cars.
The China Survival Guide for Western Businesses
Entity setup, WeChat strategy, hiring your first local team. 12+ years on the ground in Shanghai.
