Singapore-headquartered online used car marketplace Carro is said to be in talks with potential investors to raise over $100 million ahead of a potential US listing in 18 months, Reuters reported on Wednesay, quoting a senior executive of the tech unicorn.

“Currently we are entertaining approaches from certain investors as a result of which we are thinking of a small fund raise,” Chief Financial Officer Ernest Chew told Reuters.

Chew also said the investors were global and regional “blue chips”. He declined to give further details, according to the report.

The fundraising could value Softbank-backed Carro, which has valuation of over $1 billion, even higher, he added.

Carro is also in the midst of securing “triple digit million dollar” financing from banks at around 5 percent annually, a rate Chew said was “near risk-free”. Proceeds will be used to support expansion, he was quoted as saying.

Carro has already been audited to the Public Company Accounting Oversight Board (PCAOB) level, which makes it ready for an initial public offering (IPO) in the US, Chew said.

Carro’s platform allows consumers and dealers to buy and sell vehicles. The platform also provides insurance and financing services, information from its website showed.

In Southeast Asia, Carro competes with Malaysia-headquartered Carsome, Indonesia’s OLX Auto and Singapore-based Carousell Auto Group.

Founded in 2015, Carro has expanded to Malaysia, Indonesia, Thailand, Japan and Taiwan. It has raised over $1 billion in debt and equity from investors including Japan investor SoftBank Corp and Singapore’s sovereign wealth fund GIC, according to Reuters’ report.

It posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of over $4 million in June, according to its press release in August.

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