CARRO leads online car buying across SE Asia, on track to reach S$1 billion revenue in 2 years
- Achieved over 500% year-on-year revenue growth in September from its pre-owned automotive e-commerce and contactless car purchase businesses
- Growth plans fuelled by strong liquidity positions, bolstered by close to S$150 million in debt financing facilities and additional equity this year; backed by new investors such as Mitsubishi Corporation and MS&AD Ventures
- Nearly S$1 billion in GMV annualised run-rate and over 2 million in Monthly Active Users
- EBITDA positive throughout last 3 quarters despite Covid-19 pandemic
SINGAPORE, 14 OCTOBER 2020 – Carro, Southeast Asia’s largest car marketplace marks its fifth anniversary with a record high monthly revenues after achieving over 500% year-on-year revenue growth in September, as the pandemic drives consumers towards digitalised car purchase services.
Launched in 2015, Carro’s pre-owned automotive business has retailed thousands of cars to date with strong increase in sales transactions, and revenue gains through its end-to-end contactless car purchase service in SE Asia. This new buying experience allows customers to purchase cars entirely online and have it delivered to their home, while complying with social distancing measures.
“Carro’s growth journey has been about using technology to bring a highly differentiated car buying experience that is seamless and transparent. COVID-19 has pushed the envelope for innovation in the auto market; the current economic slowdown means customers are looking for value-for-money cars but are also concerned about their safety. We expect more customers in the region will seek digital purchasing solutions. Hence, we will continue to leverage technology to make car ownership safer, efficient and delightful.,” said Ernest Chew, Chief Financial Officer at Carro.
Carro’s growth plans fuelled by close to S$150m in financing lines as well as additional equity this year
To continue powering the regional expansion of its business, Carro has secured a strong cash and liquidity position, bolstered by its close to S$150 million debt financing facilities as well as additional equity this year from its investors. They include new backers such as Mitsubishi Corporation, Japan’s largest trading
company, and MS&AD Ventures, the venture arm of MS&AD Insurance Group Holdings – the 7th largest insurance conglomerate in the world.
“We are thrilled to welcome our new strategic partners, who will help turbo-charge our growth. The funds raised showcase the trust from our financial backers as we remained EBITDA positive throughout the COVID-19 pandemic. In fact, we have recently hit record high monthly revenues and EBITDA. ” said Ernest Chew, Chief Financial Officer at Carro.
