Aaron Tan grew up in Singapore and began selling websites he built at 13. He studied computer science at Carnegie Mellon University, where he met Aditya Lesmana and Kelvin Chng, and then worked as a venture capitalist in the United States.
In 2015 he returned to Singapore and brought his classmates with him. Southeast Asia's used-car market was opaque, with middlemen and little way for a buyer to judge a deal. Carro was founded that year.
Carro bought cars, inspected them and resold them, then added financing. In 2019 it launched Singapore's first car subscription service. By March 2021 revenue was about $300 million, roughly 2.5 times the year before.
In June 2021 SoftBank Vision Fund 2 led a $360 million Series C that valued Carro above $1 billion. A round of more than $100 million led by Temasek and PNB followed in late 2021. In September 2025 the Cool Japan Fund put in $60 million.