Singapore Startup Carro Invests US$30 Million Into Malaysia’s Car Bidding Platform myTukar
Singapore startup, Carro, a wholesale automotive marketplace has invested US$30 million in Malaysia based car bidding platform myTukar. This strategic investment, will enable Carro’s technology to power myTukar to “digitally enable the traditional used car dealerships across Malaysia and boost inter-city car sales”. Carro will focus on helping conventional car dealerships connect with private sellers via e-commerce platforms.
Aaron Tan, Founder of Carro commented in an interview with Thailand Startup News “Malaysia is one of the leading automotive markets and most digitally-savvy countries in Southeast Asia. So this was the next logical step for us after expanding in Indonesia and Thailand. Through myTukar, we plan on working with thousands of dealers across Malaysia to catalyse the growth of the used car market. Over the next few years, we plan to triple their existing transaction volume to over US$500 million.”
Carro is a subscription-based car service which was founded in 2015 which enables consumers to select a plan and drive off with a car of their choice without the hassle of traditional car ownership. Carro rolled out this innovative service to cater to today’s generation of drivers, who wish to enjoy the convenience of owning a car without needing to worry about annual depreciation and unexpected expenses such as repairs, roadside assistance and insurance premiums.
Carro is backed by SoftBank Ventures Asia ,NCORE Ventures, and Hanwha Asset Management.
Launched in 2018, myTukar is a Malaysian online car bidding platform that seeks to transform the traditional pre-owned car ownership process in the country. Through its e-commerce channel, myTukar allows private sellers to schedule a vehicle inspection with a sales service agent. Following this, the platform will help to facilitate a live bidding process amongst more than 1,600 dealers that myTukar currently works with nationwide.
Fong Hon Sum, CEO of myTukar. “Malaysia’s used car marketplace has been underperforming over the last decade, chiefly due to used car dealerships facing stagnating sales during this period. To grow their revenues, traditional dealerships here must embrace digital technology to reach a wider customer base. Malaysia’s used car dealerships are a pillar of its automotive sector, and therefore we believe our platform can help them bridge the digital divide to reach today’s tech-savvy car buyers and sellers. Carro’s investment will be highly crucial for our vision. With their technological support and regional experience, we believe that we can work together to enhance the digital experience of Malaysian car dealerships across the country.”
With the new funds, myTukar will also increase the number of dealerships across its platforms and also digitize its operations more efficiently while Carro is next planning to explore markets like Philippines and also India.