Carro, a Singapore-headquartered auto marketplace with operations across Southeast Asia, is planning an IPO in the U.S., Reuters reports.
Citing “sources familiar with the matter,” the news agency said that Carro could list on a U.S. bourse as early as 2026, potentially raising $500 million at a valuation of around $3.0 billion.
If these figures are correct, it would not only be the biggest-ever listing for a Southeast Asia-based company in the U.S. but also the first for an AI-powered auto marketplace from the region. However, the sources cautioned that the size of the IPO was dependent on market conditions.
Carro raised an undisclosed amount of funding from Woori Venture Partners, a South Korea-based VC firm, in December last year.
Carro has raised about $1.0 billion in equity and debt to date, and its investors include Temasek (Singapore’s sovereign wealth fund) and SoftBank. In the 12 months to March 2024 (FY2023-24), Carro’s after-tax losses grew by a whopping 1,302% year on year to $94 million. The company has not yet disclosed its FY2024-25 financials.
On the operations front, Carro has ramped up its collaborations in recent months. In June, Chinese EV manufacturer Zeekr designated Carro as its authorized dealer in Malaysia. Last October, Carro launched its certified used car program in Hong Kong.
Founded in 2015, Carro currently operates in seven markets: Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong. It has 5,000 employees in total.
