SINGAPORE – Singapore-headquartered Carro, a Southeast Asian online used-car marketplace, has acquired a 50% stake in the rental unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk for nearly $54 million, both companies said in a joint statement on Monday.
PT Mitra Pinasthika Mustika Rent (MPMRent) is one of Indonesia’s leading car rental firms with a fleet of more than 13,000 cars and provides financing services.
Carro counts SoftBank Group Corp’s Vision Fund investment arm, Singapore sovereign fund GIC and state investor Temasek among its biggest investors.
Since being founded in 2015, Carro has raised more than $600 million in equity and nearly $300 million in debt.
Carro’s platform allows consumers and wholesale businesses to buy and sell used vehicles and also offers insurance and financing services.
($1 = 1.3753 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Shailesh Kuber)
