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Miguel Cordon · · 1 min readAfter $360m fundraise, Carro mulls US listing within next 2 years
“Singapore-based Carro now has its eyes set on the public market in the next 18 to 24 months, with Nasdaq as a potential listing destination,” The Business Times reported, citing the company’s founder and CEO Aaron Tan.
Details:
- Carro’s decision to either push through with an initial public offering (IPO) or not would still rely on the company’s growth rate, Tan added. This would involve keeping its EBITDA (earnings before interest, tax, depreciation, and amortization) positive status and logging a 3x yearly revenue growth.
- The company plans to achieve this growth by going deeper into its existing markets of Singapore, Malaysia, Indonesia, and Thailand, and possibly entering new ones such as Vietnam and the Philippines.
Context:
- Carro recently announced it has reached unicorn status after raising US$360 million in a series C round led by SoftBank’s Vision Fund 2.
- The car marketplace told Tech in Asia that its revenue surged 2.5x to around S$300 million (US$226 million) for FYE March 2021.
Editing by Collin Furtado and September Grace Mahino
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