Southeast Asian car marketplace Carro takes 50% stake in Indonesian rental firm

A watch of the Carro signage at their showroom in Singapore June 15, 2021. REUTERS/Edgar Su

SINGAPORE, June 6 (Reuters) – Singapore-headquartered Carro, a Southeast Asian online utilised-car or truck marketplace, has obtained a 50% stake in the rental unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk (MPMX.JK) for practically $54 million, both equally corporations mentioned in a joint statement on Monday.

PT Mitra Pinasthika Mustika Lease (MPMRent) is just one of Indonesia’s primary vehicle rental corporations with a fleet of additional than 13,000 vehicles and supplies funding solutions.

Carro counts SoftBank Group Corp’s (9984.T) Eyesight Fund expenditure arm, Singapore sovereign fund GIC and condition trader Temasek (TEM.UL) among its major traders.

Since being founded in 2015, Carro has elevated additional than $600 million in equity and nearly $300 million in financial debt.

Carro’s platform allows shoppers and wholesale enterprises to get and sell utilised motor vehicles and also features insurance policy and financing providers.

($1 = 1.3753 Singapore dollars)

Reporting by Anshuman Daga Enhancing by Shailesh Kuber

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