Carro, a Southeast Asian online automotive marketplace, has raised $360 million in its latest funding round led by SoftBank Vision, making it the latest unicorn. “The valuation for the company is well over a billion dollars,” Aaron Tan, founder, and chief executive officer of Carro said.

Carro will use the capital to expand into new locations and grow its business in its existing markets Indonesia, Thailand, Malaysia, and Singapore. Carro has raised more than $400 million in equity and $200 million in debt. Its previous investors include SoftBank Ventures Asia, EDBI Pte, Insignia Ventures Partners, and B Capital Group. The platform allows consumers and wholesale businesses to buy and sell vehicles.

The company has started preparing for an initial public offering (IPO), Tan said. “The plan is to IPO the company, hopefully, in the next 18-24 months in the US, depending on whether the market holds.” While Carro saw an initial decline in business due to the Covid-19 pandemic, like other digital businesses, the company is now benefiting from users shifting to online transactions. “People are more willing to buy vehicles entirely online without the need to visit a showroom,” he said.