Used-car marketplace Carro is raising about $136 million as it gears up for a stock-market debut.
“We are ready for an IPO. Whether or not we list depends on the broader macro environment,” said Carro CEO Aaron Tan.as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player.
The Singapore-based start-up is also operating in a highly competitive market, one that is resistant to change. Carro is raising capital during one of the hardest possible times for fledgling firms. The South-east Asia technology industry has been plagued by job cuts, CEO resignations and falling start-up valuations, making it difficult for companies to debut on public markets.
To get shoppers more comfortable with buying online, the upstarts have also introduced Amazon-like features, such as no-quibble returns, and delivery within a few days.
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