MyTukar has recently been rebranded as Carro – in line with the branding of its parent company in Singapore. Further to the parallelization of branding, now Carro is reportedly in the process of raising around $100 million in funding.
This together values the vehicle trading company at around $1.5 billion – making it one of the multi-billion ringgit companies in the Southeast Asian region.
Carro's closest competitor in the market is Carsome, and both are currently in the process of further increasing the company's value before moving to a public listing of the company on the stock exchange. However, Carro is seen to sell vehicles faster – where the process of selling a used car to a new owner takes around 26 days, compared to Carsome which takes around 45 days.
In addition, Carro also invests in several technological developments, including having a stake in the popular local automotive site, PaulTan.
In addition to the Southeast Asian region, Carro also said it has plans to expand its offering in Japan and Hong Kong. For that purpose also, recently, Carro has taken over the company Beyond Cars based in Hong Kong.