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

• Overall demand for used cars is expected to grow; Carro to capture and accelerate growth of Japanese used cars
• Capital injection to help showcaseJapan'sadvanced automotive technologies across region

SINGAPORE,Sept. 17, 2025/PRNewswire/ -- Carro,Asia Pacific'sleading online car marketplace, has raisedUS$60 millionin a round led by Cool Japan Fund (Japan'ssovereign wealth fund), with participation from several new investors. This investment will go towards bolstering the demand of Japanese cars acrossAsia Pacificwhere Carro has a presence in.

"Japanese automakers have always had a strong presence and historical dominance inAsia Pacific,"says Carro Co-founder and CEOAaron 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 likeIndonesiaand Thailand. 

"Japanese cars hold a significant share of the used car market acrossAsia 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 showcasingJapan'sadvanced automotive technologies."

Founded in 2013, Cool Japan Fund is a government-backed private fund with the aim of  contributing to the sustainable growth ofJapan'seconomy 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 isAsia Pacific'sleading 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. 

AboutCool Japan Fund

Cool Japan Fund was founded inNovember 2013as a public-private fund with the aim of contributing to the sustainable growth ofJapan'seconomy through the expansion of overseas demand and supply of attractive products and services unique to Japanese lifestyle& culture*.

Cool Japan Fund aims to commercialize the"attractiveness unique to Japanese lifestyle& culture"and increase overseas demand by providing risk capital for businesses across a variety of areas.

*e.g. Content, food& clothing& housing related products, services, advanced technology, leisure, local products, traditional products, education, tourism, etc.

About Carro

Founded in 2015, Carro isAsia Pacific'slargest online used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions. Carro most recently expanded its product line to includeBrand Newcars inSingaporeandMalaysia, offering customers even more options.

Headquartered inSingapore, the unicorn startup has raised overS$700 millionfrom Softbank Vision Fund and several sovereign funds. It is currently doing overS$70Min run-rate EBITDA. Together with its subsidiaries and business lines, Carro is supported by more than 4,500 employees acrossAsia Pacific:

• Carro,Asia Pacific'slargest online used marketplace with a strong key presence inSingapore,Malaysia,Indonesia,Thailand,Japan,Taiwanregion, and Hong Kong SAR
• Carro Care Powered by Jardine Cycle& Carriage, Carro's in-house refurbishment and after-sales servicing capabilities
• Genie Financial Services, a next-generation fintech automotive financing provider inSingapore,Malaysia,IndonesiaandThailand
• MPM Rent, leading mobility solutions company inIndonesiaspecialising in leasing / fleet financing transportation services
• Innorithm, a next-generation fleet management solutions company leveraging state-of-the art IoT and machine learning
• Kaidee,Thailand'slargest online shopping and classifieds platform

For more information, please visit:www.carro.coor emailmarketing@carro.co.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/carro-raises-usd60-million-in-a-round-led-by-cool-japan-fund-to-accelerate-demand-of-japanese-cars-across-asia-pacific-302558443.html

SOURCE Carro