The deal involves the Singapore-started used car marketplace investing about US$54 million in PT Mitra Pinasthika Mustika Rent
One of Southeast Asia’s largest used car marketplace, Carro has acquired a 50 percent stake in PT Mitra Pinasthika Mustika Rent (MPMRent) for S$75 million, or about US$54 million.
The Indonesian company is one of the country’s largest rental service providers, with a fleet size of over 13,000 available for short and long-term rental. With this deal, Carro will lend MPMRent customers an end-to-end ecosystem, which includes an online marketplace, financing, rental, repair and aftersales services.
“We look forward to partnering with MPMX to supercharge growth and transform the customer’s experience through the hundreds of engineers and data scientists across the CARRO Group,” says Aaron Tan, co-founder and CEO of Carro.
“This is an important and exciting next chapter for MPMRent. This partnership will create a one-of-a-kind integrated online and offline automotive ecosystem in Indonesia that offers a complete product and services offering for our customers using the marketplace, from rental and financing to insurance serving B2B and B2C markets,” said Suwito Mawarwati, group CEO of PT Mitra Pinasthika Mustika Tbk, the parent company of MPMRent.
Since it was started in 2016 by Tan and co-founders Aditya Lesmana and Kelvin Chng, Carro has been disrupting the car market. Its technological solutions have made the customer experience of buying, selling and renting cars more seamless and efficient.
The company currently has a presence in Singapore, Indonesia, Malaysia, Vietnam and Thailand, and has raised over US$500 million from investors including Softbank Vision Fund. Recently, it announced that it is one of the main sponsors for the Standard Chartered Singapore Trophy 2022, which will see renowned football clubs Liverpool FC and Crystal Palace FC battling for the crown at the National Stadium on July 15.
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