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Carro Secures $55M Loan from HSBC’s $1B ASEAN Growth Fund
Used-car marketplace Carro has secured a US$55.5 million multi-currency loan from HSBC’s US$1 billion ASEAN Growth Fund.
Operating in Singapore, Malaysia, Indonesia, and Thailand, Carro offers a full-stack service for all aspects of car ownership, including buying new and used cars, selling cars online, renting or leasing vehicles, and providing low-interest car loans. They also offer car repair and maintenance services
It recently expanded into Hong Kong and Japan. It reported revenue close to US$1 billion for the financial year ending March 2024, with EBITDA growth of over 11x and is preparing for an IPO.
This loan will fund Carro’s fintech arm, Genie Financial Services, which offers financing for used-car buyers. Carro is also looking to raise around US$100 million to expand into new markets, focusing on mergers and acquisitions in Hong Kong and Japan.
Aye Finance Secures $30M Debt Funding from FMO for MSME Financial Inclusion
Aye Finance, a Gurugram-based microlending platform, has raised Rs 250 crore ($30 million) in debt funding from FMO, the Dutch entrepreneurial development bank. This marks the second funding round for Aye Finance in the past six months, aimed at bolstering financial inclusion for underserved MSMEs across India.
Established to support micro and small businesses, Aye Finance operates through 398 branches across 22 states in India, focusing on sectors like manufacturing, trading, and services. It offers three key products; quasi-mortgage loans, hypothetical loans, and add-on loans, ranging from Rs 50,000 to Rs 1,000,000.
The fresh capital infusion will enable Aye Finance to expand its lending operations, furthering its mission of empowering MSMEs with accessible credit solutions.