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All systems go for CARRO; profitable 2.5x growth year-on-year for FY2022 and rapid growth for Thailand, Indonesia

  • Recorded 2.5x year-on-year (YoY) revenue growth while achieving a full year net profit for
  • Marks first profitable year, was first EBITDA positive 3 years ago
  • Current annualised revenue run-rate already at 2x growth (>S$2 billion GMV) compared with
  • Started FY2023 with strong balance sheet of approximately S$500 million in liquidity
  • Secured close to S$200 million in additional financing lines, outstanding loan book of more than
    S$400 million with less than 0.1% of non-performing loans (NPL)
  • On track to achieve Group-wide Gross Product Margin (GPM) of approximately 10% by end of
    the calendar year; retail and ancillary gross profit margins to expand to approximately 15% by
  • Expanding into Taiwan and Japan in FY2023


Singapore, 1st September 2022 – CARRO, Southeast Asia’s largest online used car retailer,
today released key highlights of their financial year ending in March 2022.

CARRO more than doubled its revenue and gross profit to a record in its last financial year,
achieving more than S$650 million in revenue. It is currently tracking at over S$1.3 billion in
run-rate revenue and is poised to deliver another 2x growth in revenue this financial year

The pioneers of the Certified Pre-Owned vehicle e-marketplace in Southeast Asia also achieved
profitability in its last financial year. Aaron Tan, co-founder and CEO of CARRO says “FY2022
was our strongest showing yet. Not only did we grow 2.5 times, we did so profitably. We were
laser focused over the pandemic around operational excellence and cost improvements; we
chose to utilise programmers to solve our problems and are starting to see the fruits of our

The Group’s continued focus on online retailing and machine learning have brought about
record gross profits. The company is on track to improve its gross profit margins to about 10%
by the end of this financial year, thereby tripling its absolute gross profit.

Dr. Bryan Tan, Chief Data Scientist of CARRO says: “At CARRO, we’re focusing on data
science and machine learning in every aspect of the consumer journey, from the pricing
algorithm of our customer’s cars to credit approvals. By leveraging machine learning to improve and automate our processes, we’ve achieved best-in-class GPM in this region compared with
our peers.”

CARRO’s online retailing of Certified Pre-Owned vehicles and financial services arm also drove
the bulk of its improvements in profitability and margins. Excluding its wholesale business, the
company expects gross profit margins to be almost 15%.

Genie Financial Services, CARRO’s wholly-owned fintech business, also recorded a very strong
FY2022. The company’s NPL (Non Performing Loans) ratio remains at a low of 0.1% as it
continued to deliver about 30% ROE (Return on Equity) in the last financial year. The overall
loan book grew almost 2 times to a record S$400 million this year.

Ernest Chew, Chief Financial Officer of CARRO says, “Our revenue growth was not just
driven by a single market – in fact all four of our markets contributed to the strong financial year.
Thailand alone transacted approximately 35 thousand units run-rate per year and Indonesia
today accounts for almost S$40 million annualised EBITDA. We expect revenue for our online
retail and ancillary business to hit over S$500 million this financial year.”

Since the beginning of FY2023, CARRO also secured close to S$200 million in additional
financing from 9 global and domestic financial institutions at highly competitive rates. Following
its strong performance in FY2022, CARRO has also set its sights beyond the shores of
Southeast Asia, and has since expanded into Taiwan and Japan this quarter. The company
expects to be EBITDA positive again this year.


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