Carro raises funding of $5.3 million for its online marketplace for buying and selling cars. The Singapore-based platform will use the Series A to expand in Southeast Asia. The company launched only in November 2015 and has welcomed ten different investors from across Indonesia, Singapore, Japan and China.
There are plenty of classifieds that help car owners sell their vehicles online, but Carro aims to stand out from the crowd with a services-focused offering. That’s to say that it doesn’t simply focus on sales,
Carro calculates the price and likely time to sell a vehicle — a nice hook to nab potential sellers — a virtual showroom option for dealers and a consumer-to-consumer marketplace.
Looking to next year, Carro CEO Aaron Tan admits that the company will have to decide whether to continue its focus on Southeast Asia, a nascent but high-potential digital market with over 600 million consumers, or battle for market share in more established Western markets.
“Classified sites are more like channels,” he said. “We use them to promote [our own sales.] When you look at classifieds versus marketplaces, [there’s] not that much in terms of competition.”
Approximately three-quarters of Carro’s traffic comes from mobile. However, with tens of thousands of dollars in purchases at stake, mobile tends to be for browsing with most consumers preferring to buy on a tablet or laptop after doing more research before parting with their hard-earned cash.
A version of this appeared in Tech Crunch on June 13. Read the full article here.