In an effort to boost demand for Japanese automobiles throughout Asia Pacific, Carro, an online marketplace based in Singapore, has raised $60 million in a round headed by Japan’s sovereign wealth fund Cool Japan Fund.
Several new investors also participated in the funding round, Carro said in a statement on Wednesday.
It stated that this investment will help increase the demand for Japanese automobiles in Asia Pacific, where Carro is present.
“Japanese automakers have always had a strong presence and historical dominance in Asia Pacific,” said Carro Co-founder and Chief Executive Officer Aaron 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,” he added.
The statement states that the expected economic expansion, the growth of the middle class, and government subsidies for electric vehicles (EVs) in nations like Thailand and Indonesia are expected to fuel an increase in the overall demand for new PHEVs and used cars, particularly in the Southeast Asian region.
“Japanese cars hold a significant share of the used car market across Asia Pacific, and we’re keen to cement our dominance,
“Through this investment in Carro, Cool Japan Fund aims to boost demand for Japanese cars in the region and reinforce their value by showcasing Japan’s advanced automotive technologies,” said Cool Japan Fund President, Chief Executive Officer and Chief Operating Officer, Kenichi Kawasaki.
The government-backed private Cool Japan Fund was established in 2013 with the goal of boosting the demand for and supply of Japanese goods and services abroad in order to support the country’s economic growth.
Companies in the food and beverage (F&B), media and content, lifestyle, and travel sectors are all part of their varied portfolio.
Carro is the top online automotive ecosystem platform in Asia Pacific.
The unicorn startup is a top auto fintech, auto digital insurance broker, and aftersales service provider in the area, transacting over 100,000 new and used cars annually across seven markets.
