Jardine Matheson’s Investment Arm To Partner With Southeast Asian Car Marketplace Carro

The partnership, announced on Friday, will see JC&C pick up an undisclosed interest in Carro. Carro will in turn receive a stake of equivalent value in Republic Auto, a Singapore-headquartered second-hand car dealer controlled by JC&C. The companies said in a statement that the collaboration will grant Carro access to an expanded supply of high-quality used cars, while allowing Carro to enhance Republic Auto’s digital offerings.

Meanwhile, the companies will form a joint venture to launch an automotive aftermarket business, which will initially focus on Singapore and neighboring Malaysia. “JC&C chose to partner with Carro because we look beyond used car wholesaling and retailing, setting our sights on the larger ecosystem that facilitates deeper cooperation in financing, insurance and aftersales,” Wilfrid Foo, managing director of regional direct motor interests at JC&C, said in the statement. “The partnership will enable us to scale up our operations and capabilities faster by leveraging our combined areas of expertise.

JC&C’s partnership with Carro comes as a prolonged global chip shortage has kept vehicle production low and worries about a potential economic recession drove up used car demand. Carro said it had nearly doubled its revenue to more than $800 million in the financial year ended March, and had a positive Ebitda of $4 million during the same period. Founded in 2015, Carro

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