Shadine Taufik · · 1 min readCarro rolls out in Japan with SoftBank collaboration
Singapore-based used-car marketplace Carro has partnered with SoftBank to launch its services in Japan. Its offerings will include car leasing and its subscription-based services.
The Carro team / Photo courtesy: Carro
Additionally, Carro will match traditional car leasing platforms with corporate users in the country.
The company says that demand for used cars and subscription-based services has grown in Japan due to the climbing prices of new vehicles. The lack of evaluation criteria for used cars has also made it difficult for firms to flourish in the space. Carro believes its tech, which predicts the valuation of vehicles based on history and data, will support this venture.
According to a statement, SoftBank will tailor Carro’s services to the local market, taking up sales, marketing, and collaboration initiatives.
Carro will also partner with SoftBank-owned internet media company Line Corporation to expand its services to individual users.
This is not the first business deal between the Singapore-headquartered firm and the Japanese conglomerate. Last year, Carro reached unicorn status when it raised a US$360 million series C round led by SoftBank’s Vision Fund 2.
Editing by Miguel Cordon and Jaclyn Tiu
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