Unicorn Carro Is IPO-Ready, Improving Profitability, and Still Fundraising

Having recently announced a historical best of US$11 million in EBITDA for the first quarter of FY2024, we speak to Carro’s CFO Ernest Chew about profit and revenue targets ahead, how their different acquisitions and investments play into Carro’s growth strategy, the reason Carro is IPO-ready, but in no rush to list, and why they still want to fundraise.

Carro was founded back in 2015 and has raised over US$1 Billion in debt and equity to fund ambitions to build the largest online used car marketplace in Asia. The platform allows consumers and wholesale businesses to buy and sell used vehicles and also offers insurance and financing services.

Founded in Singapore, Carro joined the unicorn club in 2021 after completing a near-$500 million funding round led by SoftBank, and is backed by other notable investors like Temasek and GIC.

As part of their journey, Carro has brought Malaysian car bidding platform into the fold, acquired a 50% stake in Indonesian MPM Rent in 2022, announced a strategic investment in Driven Communications, owners of paultan.org among other websites, and recently announced a strategic partnership with Jardine Cycle & Carriage valued at over $60 million.