SE Asia's Carro Buys stake in Indonesia Car Rental

Southeast Asian online used-car marketplace Carro has picked up a 50% stake in the rental arm of Indonesian automotive group PT Mitra Pinasthika Mustika for nearly $54 million, the companies said in a statement.

PT Mitra Pinasthika Mustika Rent (MPMRent) is Indonesia’s leading car rental firm with a fleet of more than 13,000 cars and provides financing services.

Singapore-headquartered Carro counts SoftBank Group Corp’s Vision Fund investment arm, Singapore sovereign fund GIC and state investor Temasek among its biggest investors.

Since being founded in 2015, Carro has raised more than $600 million in equity and nearly $300 million in debt.

Carro’s platform allows consumers and wholesale businesses to buy and sell used vehicles and also offers insurance and financing services.

Reuters with additional editing by Sean OMeara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.