MPMRent is a leading Indonesian transportation company with over 13,000 fleet size providing short and long term transportation rental services and its supporting services
CARRO will strengthen MPMRent’s core tech capabilities, and accelerate the move into electrification and sustainability by implementing AI-driven pricing algorithms, computer vision inspection system
Jakarta, 6th June 2022 – PT Mitra Pinasthika Mustika Tbk (IDX Ticker: MPMX, the “Company”) one of Indonesia’s leading consumer automotive and transportation companies, today announced the signing of sales and purchase agreement on 31st May 2022 with Trusty Cars Pte Ltd (“CARRO”), Southeast Asia’s largest used car marketplace, where Carro invests USD53.8 million or equivalent to Rp783.8 billion to become 50% shareholder of PT Mitra Pinasthika Mustika Rent (“MPMRent”).
This investment marks the start of a partnership between MPMX, Indonesia’s leading automotive, transportation and mobility group with Southeast Asia’s largest and fastest-growing automotive marketplace - CARRO to provide an end-to-end ecosystem for consumers in Indonesia, including online marketplace, financing, rental, repair and aftersales.
“We are pleased to announce the agreement that Company has signed with CARRO. We also thank you for the support and active role of our parent shareholder, namely PT Saratoga Investama Sedaya Tbk in realizing this partnership. The Company and Saratoga believe that CARRO is an excellent partner that would be able to add strategic value to the business of the Company through its standing track records of success and operational experiences in a fully-integrated online automotive ecosystem. This is an important and exciting next chapter for MPMRent whereas this partnership will create a one-of-a-kind integrated online and offline automotive ecosystem in Indonesia that offers a complete product and services offering for our customers using the marketplace, from rental and financing to insurance serving B2B and B2C markets,” said Suwito Mawarwati, Group Chief Executive Officer of PT Mitra Pinasthika Mustika Tbk.
Commenting on the partnership, Aaron Tan, CEO of CARRO, said: “We remain steadfast and committed to investing and advancing our business in Indonesia despite the uncertain global macro environment. We look forward to partnering with MPM to supercharge growth and transform the customer’s experience through the hundreds of engineers and data scientists across the CARRO Group.”
Strategic rationale
Capitalizing on the inherent strengths of both companies, the partnership presents a win-win situation for the Company and CARRO. It is part of the Company’s continuous effort to unlock the value of existing businesses, as well as invest in innovation and accelerate the Company’s digital transformation. CARRO brings its fully integrated online ecosystem from car marketplace to financing, Big Data, AI access to a fast-growing vehicle database, and relevant computer vision and pricing algorithms technologies. As a result, MPMRent will now be able to solidify its leading market position as the leading regional car rental company in Southeast Asia, providing access to a rapidly growing network of workshops, strategic nationwide rental and auction locations, a profitable and diversified customer base, and strong operational capabilities.
Building on both companies’ commitment to their strategy and continued transformation to delivering a globally relevant platform for next-generation products and services in the automotive marketplace, the joint venture will also amplify value for both customers and dealers. This includes giving access to a wider selection of quality used cars within their inventory throughout the rental and post-rental period; better quality-management and control practices and further digitizing MPMRent’ services to ensure a smooth and seamless journey for B2B customers.
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About PT Mitra Pinasthika Mustika Tbk
PT Mitra Pinasthika Mustika Tbk (“MPMX”) is a leading automotive consumer company in Indonesia, established in 1987 by William Soeryadjaya. MPMX is publicly listed on the Indonesian Stock Exchange and is majority owned by Saratoga Group.
MPMX’s vision is to have a positive impact on life through smart mobility and social integration. By collective power, we aim to deliver the most relevant products and services to the people in our ecosystems through innovation. Our businesses offer a broad spectrum of mobility solutions, from retailing and distributing motorcycles and cars, after-market parts and services, transportation services, and financial services.
For further information, please visit www.mpmgroup.co.id
About CARRO
Founded in 2016, CARRO is Southeast Asia’s largest automotive marketplace offering a full-suite of services across the car ownership ecosystem – entirely online. By offering a trustworthy and transparent experience, CARRO transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions.
Headquartered in Singapore, CARRO has a strong presence in Asia Pacific supported by more than 2,000 employees across Indonesia, Thailand, Malaysia, and Vietnam.
CARRO has raised over US$500M from Softbank Vision Fund and several sovereign funds. For more information, please visit: www.carro.sg.
![Press Release MPMX and CARRO Announce Strategic Partnership [Bilingual Ver.]](https://www.mpmgroup.co.id/dist/img/pdf.png)