Car startup seeks funding ahead of IPO

On track: A file photo of a Carro refurbishment centre. The company’s earnings have improved significantly in the past year, through tech and larger vehicle volumes.

SINGAPORE: South-East Asia’s used-car marketplace Carro is raising about US$100mil as it gears up for a stock market debut, betting that new funds will cement it as the region’s top player.

The company is speaking with investors for a pre-initial public offering funding round which could raise its valuation to more than US$1.5bil, chief executive officer Aaron Tan said in an interview.