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The Public Prosecution Service suspects the company of multiple criminal offences, including deliberately and unlawfully releasing harmful substances into the air with possible adverse consequences for public health. The case also covers alleged breaches of the company’s duty of care, insufficient maintenance, operating without the required permits and failure to report several incidents involving raw coke, a by-product linked to the steelmaking process.

A first procedural hearing has been scheduled for 20 November 2026 at the Amsterdam District Court, where prosecutors are expected to set out the precise charges. The investigation began after a criminal complaint filed on behalf of more than 800 residents and campaigners, who have for years linked emissions from the IJmuiden complex to health risks, nuisance and damage to quality of life.

The steelworks, located west of Amsterdam in Velsen, is among the Netherlands’ biggest industrial sites and one of its largest greenhouse gas emitters. Its blast furnaces, coke ovens and associated facilities have made it a strategic employer and export asset, but also a central target for environmental enforcement. Local concern intensified after pollution incidents, odour complaints and measurements showing deposits of metals and polycyclic aromatic hydrocarbons in nearby communities.

Prosecutors say the criminal investigation examined the steel production process and the operation of Tata Steel’s coke gas factories. The inquiry was carried out with input from environmental inspection and police units, including the investigative arm of the Human Environment and Transport Inspectorate and regional environmental enforcement agencies.

The company has rejected the accusations, saying it disagrees with the decision to prosecute and has already made major improvements to reduce emissions. Tata Steel Nederland has described the case as unnecessary, arguing that it relates to a limited number of incidents where corrective action had already been taken. The company maintains that its emissions comply with legal limits and that planned investments will cut pollution further.

The prosecution has not ruled out possible action against individuals. A separate part of the investigation is examining whether people in management roles could be held personally criminally liable. Prosecutors said that part of the inquiry may take more time, while the company summons has been issued now to keep the criminal case moving.

The summons comes against a broader legal and regulatory backdrop. Residents living near the plant and environmental groups have pursued civil and criminal routes to force faster reductions in pollution. A collective claim filed in the Netherlands seeks about €1.4 billion in compensation from Tata Steel’s Dutch subsidiaries, alleging health damage, stress, loss of enjoyment of life and property-related losses across the region. Tata Steel has dismissed those claims as speculative and unsupported.

Regulatory pressure has also mounted over the coke ovens, one of the most contentious parts of the IJmuiden operation. Authorities have previously warned that permits could be at risk if breaches continue, and financial penalties have been imposed over emissions violations. The coke-making process is crucial to conventional blast-furnace steel production, but it is also associated with pollutants that have drawn sustained scrutiny from residents and health experts.

Public health studies commissioned by Dutch authorities have strengthened demands for action. Research has identified the Tata Steel site as a significant source of metals and polycyclic aromatic hydrocarbons in the IJmond area, while health assessments have pointed to higher exposure risks for communities around the plant. Campaigners argue that enforcement has been too slow, given the scale of the plant and the duration of residents’ complaints.

Tata Steel is attempting to balance the legal fight with negotiations over a cleaner production model. The company, the Dutch government and the province of North Holland signed a non-binding framework in 2025 aimed at cutting carbon emissions and improving the living environment around IJmuiden. The plan includes a shift towards lower-carbon steelmaking, with public support of up to €2 billion under discussion and additional funding sought from European programmes.

The inaugural India–Mali Forum for the Promotion of Exports was held in Bamako under the theme “Reinforcing Trade and Strategic Partnerships”, bringing together senior officials, export agencies and about 30 business leaders from India. The two-day initiative marks an attempt to move commercial engagement beyond commodity flows and towards sector-specific projects in cotton, mining, energy, pharmaceuticals, agro-processing, health and education.

The forum was jointly organised by Mali’s Ministry of Industry and Trade, the Embassy of India in Bamako and the Malian Agency for the Promotion of Exports. It was presided over by Mali’s Transition Government Prime Minister, Major General Abdoulaye Maïga, with the delegation from India led by Amit Kumar, Joint Secretary for FT-Africa in the Department of Commerce. Dr N. Nandakumar, Ambassador of India to Mali, represented the mission through the proceedings.

Bilateral trade crossed $326.61 million in 2025–26, a 55 per cent increase over the previous financial year. Mali’s exports to India include raw cotton, finished leather, cashew, lead, gum arabic and sesame. India’s exports to Mali include pharmaceuticals, cotton fabrics, two-wheelers, three-wheelers and bicycles. Officials see the current trade base as narrow but expandable, particularly because Mali’s global exports stand at about $4 billion and its untapped export potential in the market of India is estimated at nearly $3.96 billion.

The Duty-Free Tariff Preference Scheme has been a central driver of trade growth, offering least developed countries preferential access to the market of India. For Mali, the scheme provides a policy opening at a time when Bamako is seeking to diversify export destinations and reduce dependence on raw commodity shipments. For New Delhi, the forum fits a wider push to deepen commercial links with Africa through trade facilitation, capacity building and private-sector participation.

Business-to-business, business-to-government and government-to-government meetings formed the operational core of the forum. Exhibition stands featured products from both countries, including tractors and vehicles manufactured by Sonalika, Mahindra and Tata Motors. The format was designed to connect firms with regulators, identify bankable projects and address procedural bottlenecks that often slow trade between developing markets.

Mali presented ready-made business plans to potential investors and placed emphasis on agro-industry, shea processing, mining-linked services, renewable energy and social infrastructure. The country is seeking more value addition in cotton and agricultural commodities rather than relying mainly on exports of raw or semi-processed products. Cotton remains a significant sector for Mali, while shea, sesame, cashew and gum arabic offer scope for processing, branding and direct export partnerships.

Pharmaceuticals emerged as another key area. Mali sought quicker registration of approved products from India, a move that could expand access to affordable medicines and medical supplies. Health and education infrastructure were also discussed as areas where companies and institutions could provide services, equipment and training support.

The mining dimension is more complex. Mali is one of Africa’s leading gold producers and is working to tighten oversight of its precious metals trade after identifying large gaps between declared exports and import data reported by partner countries. A new state entity has been created to centralise and regulate precious-substances flows, reflecting Bamako’s effort to capture more value from gold and reduce informal trade. Industrial mines export about 60 tonnes of gold annually, while artisanal mining employs nearly 2 million people across hundreds of sites.

Security remains a central concern for investors. Mali has faced instability and militant violence, and economic assets have been among the risks flagged by foreign governments and companies. Earlier this year, security concerns stalled participation by government-backed firms from India in a Russian-backed lithium exploration project in Mali. That episode underlined the challenge of matching mineral ambitions with investor confidence.

The share sale, opened to institutional investors this week, drew bids of about ₹380 billion, or roughly 3.8 times the base offer. The indicative price was set at ₹2,883 a share, below the regulatory floor price of ₹3,034.68 and at a discount to the stock’s previous close, reflecting the typical pricing structure used to secure large-block institutional participation.

The enlarged issue marks one of Adani Enterprises’ biggest equity-raising exercises since the group was hit by a market rout in 2023 following allegations by US short-seller Hindenburg Research. The conglomerate denied wrongdoing, and group companies have since rebuilt access to capital through a mix of equity, debt, asset recycling and strategic partnerships.

The strong response to the placement signals that institutional investors are again willing to back the group’s growth strategy, even as they continue to price in governance, leverage and execution risks. The investor book included global funds and domestic asset managers, with demand high enough for the company to lift the deal size by 50 per cent.

Adani Enterprises is the incubator of the group’s newer businesses. Its portfolio spans airports, roads, data centres, green hydrogen, mining services, defence, solar manufacturing and other infrastructure-linked ventures. The company has been central to the group’s plan to build large operating platforms before eventually listing or separating mature units.

The latest fundraising comes as the group accelerates capital spending across transport, energy transition and materials. Its airports business operates eight airports and is preparing for the opening of Navi Mumbai International Airport, a project expected to strengthen the group’s presence in aviation infrastructure. Data centres and green hydrogen remain capital-intensive bets that require long gestation funding and steady access to institutional capital.

The timing also follows Adani Enterprises’ rights issue of about ₹250 billion completed in late 2025, which was oversubscribed. That offer was used to support capital expenditure, debt repayment and shareholder loan obligations. The new placement gives the company additional flexibility at a time when infrastructure companies are competing for long-duration capital amid rising demand for logistics, power, digital infrastructure and manufacturing capacity.

The share sale is also significant because it reduces reliance on borrowings for the next leg of expansion. Equity funding can ease pressure on balance sheets and improve investor perception of leverage, particularly for companies pursuing several projects at once. At the same time, the discounted pricing means some dilution for existing shareholders, a common trade-off in large institutional placements.

Market reaction was measured. Adani Enterprises shares initially faced pressure after pricing details emerged but later stabilised, suggesting investors had largely anticipated a discount. The stock has recovered substantially from its 2023 lows, though it remains closely watched because of the group’s debt profile, promoter holdings and regulatory scrutiny around past allegations.

The company’s investment cycle has broadened further with plans linked to a major aluminium project in Odisha in partnership with Abu Dhabi’s International Holding Company. The proposed project, valued at about $11.5 billion, is expected to include bauxite mining, alumina refining, aluminium smelting and downstream capacity. The partnership underscores the group’s continuing effort to deepen industrial manufacturing alongside infrastructure.

IHC has been a notable backer of the group through periods of market volatility. Its involvement provides strategic weight to Adani’s expansion into metals, a sector that requires heavy upfront investment, access to raw materials, power security and strong execution discipline. Aluminium demand is being driven by transport, packaging, power transmission, construction and renewable energy infrastructure.

Adani Enterprises’ fundraising also fits a broader trend across the equity market, where companies have used qualified institutional placements to raise growth capital while valuations remain supportive. QIPs allow listed companies to place shares with large investors without the longer timelines associated with some other public offerings. For issuers, the format is faster; for institutions, it provides access to sizeable allocations in liquid companies.

The company, led by co-founder and chief executive Ankush Sachdeva, is expected to seek public market capital after tightening costs, narrowing operating losses and pushing harder into advertising, live-streaming and subscription-driven entertainment. The proposed listing would test investor appetite for a local-language social media business that has repositioned itself from a high-burn growth platform into a more disciplined digital entertainment group.

Mohalla Tech’s IPO plans come at a point when technology companies are being judged less on user growth alone and more on cash flow, margins and the durability of revenue. ShareChat was valued at about $5 billion during the venture funding boom of 2022, when large investors including Google, Temasek, Lightspeed and Times Group backed the company. Its valuation came under pressure as the start-up funding environment tightened, forcing the firm to raise convertible debt and cut costs.

ShareChat operates as a social network focused on users in non-English language markets, while Moj competes in the short-video segment. QuickTV, a subscription-led micro-drama app, is part of the company’s attempt to build paid entertainment formats alongside advertising-led services. The group is seeking to show that a platform built around regional content can generate more predictable income from a mix of brands, creators and paying users.

The company’s turnaround has been built around a sharp reduction in losses. Its adjusted Ebitda loss for FY25 fell to about ₹219 crore from ₹793 crore a year earlier, helped by lower marketing spend, headcount reductions and tighter control over creator and technology costs. Revenue is expected to rise further in FY26, with management targeting stronger contributions from advertising, live services and short-form drama subscriptions.

Mohalla Tech’s challenge is that scale has not yet translated into the kind of profitability public investors typically demand. Social media and short-video businesses need sustained spending on content moderation, creator incentives, product development and cloud infrastructure. Advertising demand can also shift quickly, especially when large platforms such as Meta, Google and YouTube continue to dominate brand budgets.

The company has sought to distinguish itself by focusing on language diversity and community-led engagement. ShareChat is available across more than 15 languages and has built a large audience outside the metro-focused English internet market. Its Google Play listing shows more than 500 million downloads for the ShareChat app, while Moj has emerged as a major short-video platform after the 2020 ban on TikTok created room for local alternatives.

That opportunity also brought intense competition. Moj, Josh, YouTube Shorts and Instagram Reels all chased the same creator and viewer base, triggering high spending on influencers, content discovery and user acquisition. Mohalla Tech expanded through acquisition, including the purchase of MX TakaTak, but later shifted to consolidation as the funding environment changed and investors pressed for cleaner unit economics.

The company’s management has already gone through a period of transition. Sachdeva remains the public face of the business, while co-founders Bhanu Pratap Singh and Farid Ahsan stepped back from operating roles in 2023. The firm also implemented multiple rounds of layoffs, including deep reductions in 2023, as it moved away from expansion at any cost.

An IPO would give early backers a potential path to liquidity, though the final size, timing and valuation will depend on market conditions, revenue momentum and profitability milestones. A $400 million issue would be significant for a consumer internet company whose fortunes have mirrored the wider cycle in start-up funding: rapid capital inflows, aggressive expansion, a valuation reset and a pivot towards financial discipline.

The listing plan also comes as equity markets have shown selective support for digital businesses that can demonstrate clear paths to profit. Investors have rewarded companies that cut burn and improved governance, while punishing firms with weak disclosure, unclear revenue models or stretched valuations. Mohalla Tech will have to convince public shareholders that its audience base can support sustainable revenue without a return to heavy promotional spending.

The MoU appoints DOE-licensed MNA Metal Resources as preferred collector for used automotive batteries, strengthening traceability across BateriHub and Global Energy Battery’s nationwide battery ecosystem.

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 1 July 2026 – BateriHub, operated by Battery4U Sdn. Bhd., together with Global Energy Battery Sdn. Bhd., has signed a Memorandum of Understanding with MNA Metal Resources to strengthen the responsible collection, documentation and recycling of used automotive batteries in Malaysia.

Under the MoU, MNA Metal Resources will serve as the preferred used battery collector, either directly or through transporters appointed by MNA, for scrap batteries collected through BateriHub and Global Energy Battery’s operations. The arrangement is designed to ensure that used batteries are channelled through proper, licensed and documented collection and recycling processes.

“This MoU matters because every battery replacement has an afterlife,” said Stanly Ng, General Manager of BateriHub. “When a customer replaces a car battery with us, the old battery should not disappear into an unknown chain. It should be collected, recorded and handled by the right people. For customers, the promise is simple: when you choose BateriHub, we take care of the replacement quickly, and we take care of the used battery responsibly.”

The partnership comes as Malaysia’s automotive sector continues to expand. According to the Malaysian Automotive Association, Malaysia recorded 820,752 new vehicle sales in 2025, its second consecutive record year. While this MoU focuses on used lead-acid automotive batteries, it also comes amid wider national attention on battery waste management, with The Star reporting growing attention on regulated recycling, safe disposal pathways and battery traceability as Malaysia’s vehicle ecosystem evolves.

As Malaysia’s largest direct-owned automotive battery retailer, BateriHub plays a critical role at the point of replacement, where old batteries are handed over by customers at branches or during on-demand battery delivery services. Global Energy Battery, which focuses on battery wholesale, supply and distribution, contributes additional collection volume through its wider business network.

Together, BateriHub and Global Energy Battery have channelled approximately 280,000 used batteries, equivalent to around 4,200 tonnes, through formal disposal and recycling channels over the past three years. MNA Metal Resources is a licensed lead-acid battery recycler and smelter under the Department of Environment, with operations covering the collection, movement and processing of scheduled waste.

“As a company involved in the supply and distribution of batteries, we recognise that responsibility does not end at the point of sale,” said Sandy Yap, Chief Operating Officer of Global Energy Battery. “A sustainable battery industry requires proper collection, proper documentation and proper recycling. This partnership allows us to support that responsibility across our business network.”

“We are pleased to partner with BateriHub and Global Energy Battery to support a more transparent and responsible battery recycling ecosystem in Malaysia,” said Genly Villa Olaguer, Fleet Manager of MNA Metal Resources. “Proper handling of used batteries is essential to protect the environment and ensure that valuable materials can be recovered safely through licensed facilities.”

Used lead-acid batteries require proper handling because they contain materials such as lead and sulfuric acid, which can harm soil, waterways and communities if leaked, dumped or processed irresponsibly. Through this partnership, the companies aim to improve accountability in the movement of scrap batteries from retail and supply channels to licensed recycling facilities.

BateriHub said the MoU reflects its broader effort to make responsible waste management part of its core retail promise, not just a back-end operational process.
Hashtag: #BateriHub

The issuer is solely responsible for the content of this announcement.

About BateriHub

BateriHub is Malaysia’s largest direct-owned car battery retailer, operating a nationwide network of 200 branches supported by centralised training, service standards, and technician operations. Since 2011, the company has served over 1.0 million customers, received over 70,000 positive reviews across Google, Facebook, and e-commerce platforms, employs more than 5000 staff, and covers 500+ service areas across 11 states. Learn more at https://baterihub.com/

By Nantoo Banerjee West Bengal’s first ever Bharatiya Janata Party (BJP) government’s resolve to rebuild the state to its “old glory” sounds good though reversing decades of economic stagnation and industrial decline remains an incredibly difficult challenge. Economically, West Bengal’s rank among Indian states has dropped from No.1 till the mid-1960s to below 10 now. […]

The article Bid To Rebuild Bengal To Its Old Glory Is Welcome, Though Difficult appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

41 local tech firms, institutes and university spin-offs head to San Diego to forge global partnerships, reinforcing the city’s status as international healthcare innovation hub

HONG KONG SAR/SAN DIEGO, UNITED STATES – Media OutReach Newswire – 24 June 2026 – Hong Kong Science and Technology Parks Corporation (HKSTP), in collaboration with InvestHK as co-organiser, the Hong Kong Trade Development Council (HKTDC) as supporting organisation, and five renowned local universities – The University of Hong Kong, The Chinese University of Hong Kong, The Hong Kong University of Science and Technology, The Hong Kong Polytechnic University and City University of Hong Kong – to form the city’s largest-ever delegation of life and health technology innovators to the BIO International Convention 2026 (BIO 2026) in San Diego, from June 22 to 25.

Building on last year’s momentum, the 2026 Hong Kong delegation doubled the size of the Hong Kong Pavilion, expanding to a record of 41 organisations from HKSTP, including partner companies, research institutes, and for the first time with top five universities spin-offs. This landmark presence showcased Hong Kong’s deep strength across AI-enabled biotech, therapeutics, diagnostics, and pharma innovation, with potential outstanding “First-in-Class” and “Best-in-Class” assets. The delegation underscores the city’s leading role as Asia’s largest and the world’s second largest fundraising hub for the biotechnology sector.

Mr. Terry Wong, CEO of HKSTP, said, “BIO 2026 is a premier platform to showcase Hong Kong’s groundbreaking innovation, deepen partnerships, and open new pathways into global healthcare markets. As a super-connector, Hong Kong is uniquely positioned to bridge global innovators with opportunities across Asia and beyond. With strong R&D capabilities backed by world-class universities—five ranked among the QS Top 100, including two with medical schools now placed in the global top 20—Hong Kong’s biotech and medical research excellence is increasingly recognised worldwide. As the city’s innovation ecosystem orchestrator, HKSTP brings together talent, capital, research institutions, clinical partners, and industry leaders to accelerate the journey from discovery to impact. We will continue to empower life and health technology ventures, translating innovation breakthroughs into life-changing solutions that benefit communities around the world.”

HKSTP and Park Companies Advanced in Cross-border Innovation and Market Expansion

A key highlight of BIO 2026 is witnessing the signing of three major strategic partnerships:

• LabCentral — HKSTP signed an MOU with one of the largest global non–profit biotech incubators, supporting life sciences startups with high-impact lab infrastructure and scientific community programmes. The collaboration will deepen ties between the U.S. and Hong Kong life sciences ecosystems through startup support, ecosystem engagement, and co-developed programmes, events and strategic initiatives. It will also help connect startups, investors, corporate partners and research institutions, creating stronger pathways for cross-border innovation and commercialisation.

• Immuno Cure – the developer of the first-in-human novel therapeutic HIV vaccine ICVAX – announced its collaboration with OPIS, an international Contract Research Organization (CRO), at BIO 2026. Leveraging OPIS’s full-service, multi-country clinical trial expertise and regulatory knowledge, the partnership will support overseas clinical trial execution and establish a global framework to prepare for international expansion.

• Zhaoke Ophthalmology signed an MOU with Laboratório Teuto, the first company to produce generic medicines and OTCs (Over the Counter – Prescription Exempt Medicines) in Brazil, to explore cross-border cooperation in ophthalmology. This is Zhaoke’s first strategic MOU in Brazil market. Leveraging its innovative pipeline and Teuto’s commercial network in Brazil, the partnership aims to bring advanced eye care treatments to Latin American patients while demonstrating the globalisation of Hong Kong-born biotech innovation.

Beyond the BIO 2026 Hong Kong Pavilion, HKSTP CEO Mr Terry Wong attended the “Translating Innovation Across Borders: Creating Global Gateways for Biotech Startups” panel sharing session. Mr. Wong shared his insights on cutting-edge biotech trends, Hong Kong’s strengths on life and health tech development, and HKSTP’s role in building a global bridge for nurturing global startup expansion, sustainable innovation and collaboration.

Furthermore, HKSTP and five Hong Kong university delegates visited the Salk Institute, home to six Nobel Laureates during BIO 2026 to explore partnerships and shape global biotech momentum through collaborative platforms. HKSTP, in collaboration with InvestHK as co-organiser, HKTDC as the supporting organisation, and powered by the Hong Kong Economic and Trade Office in San Francisco, hosted a Global Mixer during the exhibition. Industry leaders, incubators, and venture capital firms – including Bayer Pharmaceuticals, Johnson & Johnson Innovation, LabCentral, Roche, Simcere Pharmaceutical, and T.Rx Capital – were invited to join the judging panel for startup pitching sessions. The Pavilion also featured executive sharing and curated networking events for commercialisation, licensing, partnerships, investment and international market expansion.

Global recognition at Biomedical Pitch Competition

In the lead-up to BIO 2026, HKSTP actively drove engagement across the biotech sector and co-organised the 2026 Biomedical Pitch Competition with the Boston Capital Investment Club in Boston on May 23 and 24. Competing against around 170 biotechnology companies worldwide, HKSTP park company Meta Pharmaceuticals (HK) Limited won Third Place for its next-generation autoimmune therapeutics. The recognition underscores the strength of Hong Kong’s biotech pipeline and HKSTP’s commitment to translational medicine, commercialisation and globally scalable healthcare solutions.

HK’s biotech ecosystem rises to another level

Hong Kong continues to expand its global healthcare footprint as the world’s second-largest biotech fundraising hub. As Hong Kong’s flagship innovation and technology ecosystem, HKSTP is home to more than 300 life and health technology companies and helps innovators turn pioneering ideas into real-world impact. Its ecosystem connects capital, talent, infrastructure and market access across the biotech innovation journey.

Hashtag: #HKSTP

The issuer is solely responsible for the content of this announcement.

Hong Kong Science and Technology Parks Corporation

Hong Kong Science and Technology Parks Corporation (HKSTP) was established in 2001 to create a thriving I&T ecosystem grooming 13 unicorns, more than 17,000 research professionals and over 2,500 technology companies from 26 countries and regions focused on developing healthtech, AI and robotics, fintech and smart city technologies, etc.

Our growing innovation ecosystem offers comprehensive support to attract and nurture talent, accelerate and commercialise innovation for technology ventures, with the I&T journey built around our key locations of Hong Kong Science Park in Pak Shek Kok, InnoCentre in Kowloon Tong and three modern InnoParks in Tai Po, Tseung Kwan O and Yuen Long realising a vision of new industrialisation for Hong Kong, where sectors including advanced manufacturing, micro-electronics and biotechnology are being reimagined.

Hong Kong Science Park Shenzhen Branch in Futian, Shenzhen plays positive roles in connecting the world and the mainland with our proximity, strengthening cross-border exchange to bring advantages in attracting global talent and allowing possibilities for the development of technology companies in seven key areas: Medtech, big data and AI, robotics, new materials, microelectronics, fintech and sustainability, with both dry and wet laboratories, co-working space, conference and exhibition facilities, and more.

Through our R&D infrastructure, startup support and enterprise services, commercialisation and investment expertise, partnership networks and talent traction, HKSTP continues to contribute in establishing I&T as a pillar of growth for Hong Kong.

More information about HKSTP is available at www.hkstp.org.

The SoftBank-backed company has been evaluating a US listing that could raise as much as $500 million and value the business at more than $3 billion, though the size, timing and venue of the offering remain subject to market conditions. A confidential filing would allow Carro to begin regulatory engagement without immediately disclosing detailed financial information to the public.

The move would test investor appetite for a profitable, asset-heavy digital commerce platform at a time when equity markets have become more selective about technology listings. Carro’s case is likely to be watched closely because it combines online vehicle transactions, financing, insurance, after-sales services and data-driven pricing across multiple Asia-Pacific markets.

Founded in 2015 by Aaron Tan, Aditya Lesmana and Kelvin Chng, Carro has grown from an online used-car platform into a broader automotive ecosystem. Its operations cover Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong, with Australia also identified as an expansion market. The company uses artificial intelligence and proprietary data tools to inspect, price, finance and sell vehicles, a model designed to reduce friction in a fragmented second-hand car market.

Carro’s financial profile has strengthened ahead of the possible listing. The company posted FY2025 revenue of S$1.2 billion, gross profit of S$149 million and EBITDA of S$43 million, while total assets stood at S$1.3 billion. The results marked its fifth consecutive year of positive EBITDA, offering a contrast with earlier generations of venture-backed marketplaces that pursued scale while absorbing heavy operating losses.

The prospective IPO would come after a series of private funding rounds that brought in heavyweight investors. SoftBank Vision Fund 2 led a US$360 million Series C round in 2021, helping Carro reach unicorn status. Other backers include Temasek, GIC, EDBI, B Capital, Woori Venture Partners and Cool Japan Fund, which led a US$60 million strategic investment last year to support demand for Japanese vehicles across Asia-Pacific.

Carro’s listing plans also reflect a changing market for used cars in Southeast Asia. Rising new-vehicle prices, tighter household budgets, longer replacement cycles and growing acceptance of online purchases have supported demand for certified pre-owned vehicles. Digital platforms are trying to capture this shift by offering inspection guarantees, financing, insurance and warranty products that traditional dealers often provide unevenly.

The company’s expansion into financing is a central part of its investment story. Its fintech arm, Genie Financial Services, has built a loan book while keeping non-performing loans below 0.5 per cent in previously disclosed figures. That lending capability gives Carro an additional revenue stream, but it also exposes the company to credit risk, interest-rate movements and regulatory oversight across several markets.

A US IPO would place Carro in front of investors familiar with listed online auto retailers such as Carvana, whose turnaround has helped restore interest in the sector. Stronger US used-car platform earnings have improved sentiment, but investors remain cautious about businesses that carry inventory, require working capital and depend on financing conditions. Carro would need to show that its marketplace margins, ancillary services and regional scale can offset those pressures.

The offering would also be significant for Southeast Asia’s start-up ecosystem. A successful listing could become one of the largest US debuts by a company from the region since Sea’s 2017 flotation and may encourage other late-stage technology firms to revisit overseas listing plans. Traveloka, Carsome and Xendit have all been viewed as potential public-market candidates, though each faces different timing, valuation and profitability considerations.

For SoftBank, Carro’s progress would add to efforts to demonstrate exits from its later-stage technology portfolio after several years of volatile valuations. Public-market investors have become more disciplined in assessing growth companies, favouring businesses that can show durable margins, strong cash generation and clearer paths to profitability.

Carro’s final decision is not guaranteed. Market volatility, valuation expectations, disclosure requirements and investor demand could alter the timetable or push the company towards another private financing round before any listing. A confidential filing would mark an important step, but the formal IPO process would still depend on roadshow feedback, regulatory review and broader equity-market conditions.