Singapore used car platform Carro acquires 50% stake in Indonesian rental company MPMRent – report
Online Used Car Market in Southeast Asia body acquired a 50% stake in the leasing unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk for nearly $54 million, Reuters reported Monday.
PT Mitra Pinasthika Mustika Location (MPMRent) is one of the leading car rental companies in Indonesia with a fleet of over 13,000 cars and provides financing services, according to the report.
Founded in 2015, the Singapore-based company counts SoftBank Group investment arm Vision Fund, Singaporean sovereign wealth fund GIC and state-owned investor Temasek among its investors. As of June 2021, Carro has raised more than $400 million in equity funding from SoftBank Vision Fund 2, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners and B Capital Group, according to its website.
Carro provides full service for all aspects of car ownership and uses AI-powered technology to transform the car buying and selling experience. By delivering a reliable and seamless experience, Carro challenges the traditional way of buying and selling cars through a proprietary pricing algorithm and AI-enabled capabilities.
Carro provides a range of services across the entire car ownership ecosystem. These include in-house financing solutions, innovative insurance products, a flexible car ownership experience and after-sales services, its website showed.
The Carro group of companies includes Genie, myTukar and Jualo.
$360M Series C Funding Makes Online Auto Marketplace Carro Singapore’s Newest Unicorn