SoftBank-Backed Car Marketplace Carro Is Said to Explore US IPO

SoftBank-backed used-car marketplace Carro is exploring a US initial public offering (IPO) and may file confidentially as soon as this month, according to people familiar with the matter. This move would test investor appetite for Southeast Asian technology startups. Carro, which operates in Singapore, Malaysia, Indonesia, and Thailand, has been valued at $1.5 billion in its last funding round in March 2022, which raised $700 million. The company has been working with advisors to prepare for a potential listing, which could value the company at over $2 billion. Carro's potential IPO follows a challenging period for tech IPOs globally, with many companies delaying their public debuts due to market volatility. However, the used-car market has shown resilience, with companies like Carvana experiencing significant stock price increases in 2023. Carro's expansion into the US market would mark a significant step for the Singapore-based company, which has focused on Southeast Asia since its founding in 2015. The company's platform allows users to buy, sell, and service vehicles, and it has expanded its services to include financing and insurance.