SINGAPORE (Reuters) – Singapore-headquartered Carro, a Southeast Asian online used-car marketplace, has acquired a 50% stake in the rental unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk for nearly $54 million, both companies said in a joint statement on Monday.

PT Mitra Pinasthika Mustika Rent, (MPMRent), is one the largest car-rental companies in Indonesia. It has a fleet that exceeds 13,000 cars. They also offer financing.

Carro includes SoftBank Group Corp.’s Vision Fund investment arm and Singapore sovereign fund GIC, as well as state investor Temasek, among its largest investors.

Carro was founded in 2015 and has since raised over $600 million equity capital.

Carro offers a platform that allows wholesalers and consumers to sell and buy used cars. It also provides insurance and financing.

($1 = 1.3753 Singapore dollars)