AsianFin -- Carro, Southeast Asia’s largest online marketplace for used cars, has secured $60 million in fresh funding led by Japan’s sovereign wealth vehicle Cool Japan Fund, the company announced on Wednesday.

The Singapore-based firm said the investment will be used to promote Japanese cars across the Asia-Pacific region, with a focus on boosting the market share of Japanese plug-in hybrid electric vehicles (PHEVs).

Carro, founded in 2015, currently operates in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong. The company has been expanding aggressively in recent years as demand for online vehicle marketplaces continues to grow across the region.

“We are confident this new funding will help strengthen our partnerships and increase adoption of Japanese hybrid and electric cars across Asia-Pacific,” Carro said in a statement.

The company is also preparing to widen its geographic footprint. Chief executive Aaron Tan said last week that Carro was eyeing a push into the Australian market, alongside plans for a potential dual listing.

Carro is also exploring a major U.S. debut. Sources told Reuters in August that the firm is considering an initial public offering (IPO) in the United States at a valuation of more than $3 billion. If realized, it would mark the largest U.S. listing by a Southeast Asian company since Sea Group’s $989.3 million debut in 2017, according to LSEG data.