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Bloomberg
Carro, one of Southeast Asia’s biggest online marketplaces for used cars, has agreed to buy a 50% stake in Indonesian automotive financing and rental company MPM Rent for S$75 million ($54.5 million) to expand in the world’s fourth most populous country.
The deal will lead to a strategic partnership between Carro and PT Mitra Pinasthika Mustika Tbk, which owns the rest of MPM Rent, according to a statement. “We remain steadfast and committed to investing and advancing our business in Indonesia despite the uncertain global macro environment,†Aaron Tan, Carro Chief Executive Officer, said in the statement.
Shares of Mitra Pinasthika surged as much as 6.3% in trading, their largest intraday increase in more than two weeks, according to data compiled by Bloomberg.
Formally known as Trusty Cars Pte, Carro has raised more than $500 million since its inception in 2016, including a $360 million funding round last June led by SoftBank Vision Fund II. The company has over 2,000 staff and competes with Carousell and Carsome in Southeast Asia.