Shadine Taufik · · 1 min readCarro wins funding from SG insurtech firm in JV deal
Image credit: Timmy Loen
Carro, a used-car marketplace based in Singapore, has secured an undisclosed amount of funding from insurtech firm ZA Tech as part of a joint venture deal.
Under the deal, Carro will adopt ZA Tech’s core platform. This will allow the former to manage tasks such as policy renewals, quote generation, and e-policy notifications using the latter’s service.
The two firms will also develop generative AI tech together, with the aim of educating customers on insurance policies.
Carro currently offers insurance through companies like Income, MSIG, and DirectAsia in Singapore as well as Takaful Malaysia, MSIG, Allianz, and Zurich in Malaysia.
Though Carro only offers auto insurance, other products such as life, health, and property insurance will be made available in the future.
ZA Tech helps insurers and digital platforms embed solutions. It was created in 2018 by ZhongAn Online, a China-based listed insurance company.
Meanwhile, Carro was founded by Aaron Tan, Aditya Lesmana, and Kelvin Chng in 2015. The unicorn enables users to purchase, sell, and lease their cars. It achieved its first full profitable financial year in 2022, which also saw it doubling its revenue.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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