Southeast Asian online used-car marketplace Carro has acquired a 50 percent stake in the rental unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk for nearly $54 million, Reuters reported on Monday.

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

Founded in 2015, the Singapore-headquartered firm counts SoftBank Group’s Vision Fund investment arm, Singapore sovereign fund GIC, and state investor Temasek as investors. As of June 2021, Carro has raised over $400 million in equity from SoftBank Vision Fund 2, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners and B Capital Group, according to its website.

Carro provides a full-stack service for all aspects of car ownership and uses AI-powered technology to transform the car buying and selling experience. By offering a trustworthy and transparent experience, Carro challenges the traditional way of buying and selling cars through proprietary pricing algorithm and AI-enabled capabilities.

Carro provides a range of services across the entire car ownership ecosystem. These include in-house financing solutions, innovative insurance products, flexible car ownership experience and after-sales services, its website showed.

Carro group of companies include Genie, myTukar and Jualo.

$360M Series C funding makes online car marketplace Carro Singapore’s newest unicorn