A view of the Carro signage at their showroom in Singapore June 15, 2021. REUTERS/Edgar Su
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SINGAPORE, June 6 (Reuters) – Singapore-headquartered Carro, a Southeast Asian on-line used-car marketplace, has acquired a 50% stake in the rental unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk (MPMX.JK) for practically $54 million, each corporations stated in a joint assertion on Monday.
PT Mitra Pinasthika Mustika Rent (MPMRent) is one in all Indonesia’s main car rental companies with a fleet of greater than 13,000 automobiles and gives financing companies.
Carro counts SoftBank Group Corp’s (9984.T) Vision Fund funding arm, Singapore sovereign fund GIC and state investor Temasek (TEM.UL) amongst its greatest traders.
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Since being based in 2015, Carro has raised greater than $600 million in fairness and practically $300 million in debt.
Carro’s platform permits shoppers and wholesale companies to purchase and promote used autos and in addition affords insurance coverage and financing companies.
($1 = 1.3753 Singapore {dollars})
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Reporting by Anshuman Daga; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles.
Southeast Asian car marketplace Carro takes 50% stake in Indonesian rental firm & More Latest News Update
Southeast Asian car marketplace Carro takes 50% stake in Indonesian rental firm & More Live News
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