Carro, the AI-powered used-car marketplace headquartered in Singapore, is preparing to take the leap onto a US stock exchange. The SoftBank-backed company is in discussions with advisers about a potential Nasdaq listing that could value it north of $3 billion.
The plan, as currently structured, involves a confidential filing as early as June 2026 with a target capital raise of up to $500 million. If it goes through, Carro would become one of the few Southeast Asian automotive tech firms to land on a major US exchange.
From garage startup to unicorn
Founded in 2015 by Aaron Tan, Aditya Lesmana, and Kelvin Chng, Carro built its business on the premise that buying and selling used cars in Southeast Asia was needlessly painful. The platform uses AI for vehicle valuation and customer engagement, essentially trying to bring data-driven transparency to a market historically built on gut feelings and questionable odometer readings.
The company hit unicorn status in June 2021 after closing a $360 million Series C round led by SoftBank Vision Fund 2. Total funding now sits at over S$700 million, roughly $526 million, with backing from SoftBank and several sovereign wealth funds.
