Deepti Sri · · 1 min readCarro buys 50% of Indonesian car rental firm
Singapore-based used-car platform Carro has bought a 50% stake in Mitra Pinasthika Mustika Rent (MPMRent) for US$54 million, Reuters reported.
MPMRent is the rental unit of Indonesia-based automotive group Mitra Pinasthika Mustika. Aside from having a fleet of more than 13,000 cars, MPMRent also provides financing services for its customers.
Founded in 2015, Carro provides services for all aspects of car ownership from buying and selling to financing solutions and after-sales support. Its group of companies includes financial services unit Genie, Malaysia-based car bidding platform myTukar, and consumer-to-consumer marketplace Jualo.
The investment comes amid soaring competition among Southeast Asia’s used-car marketplaces, with Carro competing against India’s Cars24 and Malaysia’s Carsome.
Carro’s revenue surged by 2.5x to around US$226 million for the financial year ended March 2021. It is set to go public within the next two years, with Nasdaq being a potential listing destination.
See also: Inside Carsome’s and Carro’s all-out war in Malaysia
Editing by Miguel Cordon and Arpit Nayak
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