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Finance

SoftBank supercharges Singapore's Carro to unicorn status

Vision Fund 2 leads $360m Series C round in Southeast Asian car marketplace

Carro CEO Aaron Tan says insurance and B2B financing are areas of interest to his company. (Photo by Dylan Loh)

SINGAPORE -- Japan's SoftBank Group has led a $360 million Series C funding round in Singapore online car sales platform Carro, propelling the Southeast Asian startup into the ranks of unicorns -- companies with a valuation of $1 billion or more.

Carro announced on Tuesday that the new round of financing, which included other investors such as Indonesia-based fund EV Growth, made the company the first automotive unicorn in Southeast Asia.

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