GLT Law acted as Malaysian counsel for Carro and Singapore VC Insignia Ventures Partners on its recent investment in myTukar. Ms Spring Poh, who led the corporate team for the deal, helped client navigate the legal and regulatory aspects of this transaction.
With this investment, Carro will use its technology to power up myTukar’s existing platform to digitally enable the traditional used car dealers to connect with private vehicle sellers.
“Founded in 2015, Carro seeks to transform car sales for both private sellers and dealers.It has since expanded to Indonesia and Thailand and is now the largest automobile marketplace in Southeast Asia. It has transacted over US$500 million worth of cars across all three markets in 2018.
Launched in 2018, myTukar is a Malaysian online car bidding platform that seeks to transform the traditional pre-owned car ownership process in the country. Through its e-commerce channel, myTukar allows private sellers to schedule a vehicle inspection with a sales service agent. Following which, the platform will help to facilitate a live bidding process amongst more than 1,500 dealers that myTukar currently works with nationwide.”
(extracted from Vulcan Post’s article: https://vulcanpost.com/675732/carro-invests-us30m-malaysia-mytukar/)
Congratulations, Carro and myTukar!