Press Release

Keep up-to-date with our latest news, product launches and releases here.

August 10, 2023
5,297

Carro achieves best quarterly profitability since inception in Q1 FY2024

Gross Profit Margins rises to 14% Record EBITDA of US$11 million Run-rate EBITDA of over US$50 million Adjusted Net Profit…
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June 19, 2023
3,585

Carro announces strategic investment into Driven Communications

Carro’s investment includes a portfolio of websites, including paultan.org, carbase.my and oto.my Driven Communications to retain board of directors,…
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June 16, 2023
6,105

Jardine Cycle & Carriage and Carro enter into strategic partnership to shape the future of automotive retailing

Combining the capabilities of an established regional automotive player and leading used car tech platform to win in the used…
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May 25, 2023
4,824

Carro reports record EBITDA in FY2023 driven by strong recurring ecosystem ancillaries

Strong ~2x year-on-year revenue growth ~3x year-on year Gross Profit growth Gross Profit Margin (GPM) rose to ~9%, with final…
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September 20, 2022
4,038

Carro drives into Japan through partnership with SoftBank

Singapore, 20 September 2022 – Southeast Asia’s largest used car marketplace, Carro, has announced its expansion into Japan through a…
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September 1, 2022
5,635

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 FY2022 Marks first profitable year, was…
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June 6, 2022
3,743

CARRO acquires MPM Rent in a deal valued at US$54M, makes the largest move towards mobility

MPM Rent is a leading Indonesian mobility company which offers a broad spectrum of mobility solutions, from retailing and distributing…
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April 26, 2022
3,146

CARRO kicks off first major sponsorship as Official Match Partner for Bangkok Century Cup and Standard Chartered Singapore Trophy 2022

SINGAPORE, 26 April 2022 – Southeast Asia’s largest used car marketplace, CARRO, today announced its first major sponsorship in…
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February 28, 2022
3,292

Carro raises the bar for data science talent development in Singapore through CARRO X AWS scholarship

Carro and Amazon Web Services (AWS) will host a Hackathon from 18 to 20 March 2022 in conjunction with the…
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June 24, 2021
3,591

CARRO partners Income to launch “Covered”, Singapore’s first AI-driven pay-per-km insurance and maintenance for cars

A first of its kind in Singapore, Covered is a new AI-driven, usage based insurance and maintenance product for all…
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June 18, 2021
3,527

CARRO redefines car buying experience with Singapore’s first contactless service, offers 3-day return policy

Carro digitises the entire process – including auto loans, insurance and vehicle transfer – so customers can purchase pre-owned cars…
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June 15, 2021
4,400

Singapore’s CARRO achieves ‘unicorn’ status, raises S$477 million in Series C Funding led by SoftBank Vision Fund 2

Carro becomes Southeast Asia’s first automative marketplace unicorn in 5 years Investors include SoftBank Vision Fund 2, EV Growth and…
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June 1, 2021
3,029

Carro redefines car buying experience with Singapore’s first ‘Showroom Anywhere’ launch

Drivers can now view cars in person at malls, enjoying more flexibility and convenience in the car purchasing process Designed…
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April 1, 2021
2,888

myTukar Launches Brand New Purchasing Experience for Malaysians, Supports Expansion of Used Car Industry

Kuala Lumpur, 1 April 2021 – myTukar Sdn. Bhd. (the Company), Malaysia’s fastest-growing online used car selling platform today launched the…
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February 25, 2021
3,014

CARRO develops Southeast Asia’s first AI-driven customer service voicebot to turbocharge digitalisation of auto industry

Integration of AI conversational Voicebot enables Carro to digitalise the retail customer experience at scale 9 out of 10 callers…
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January 22, 2021
2,870

Carro leads online live selling by launching special Chinese New Year car deals exclusively on Qaibo

SINGAPORE, 22 JANUARY 2021 – This Chinese New Year, Carro – Southeast Asia’s largest automotive marketplace – is embracing the mantra ‘out…
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December 2, 2020
2,931

Carro Debuts Livestream Car Selling Via Partnership With Gushcloud, Pushes Boundaries With Online Car Sales

SINGAPORE, 2 December 2020 – Carro, Southeast Asia’s largest automotive marketplace, successfully sold a car via livestream for the first time…
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October 14, 2020
2,865

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…
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January 13, 2020
2,952

CARRO partners with NTUC Income to launch Singapore’s first pay-as-you-drive insurance

Tech And Big Data Analytics Drive Savings Straight To The Customer’s Wallet The usage-based insurance model is via a ‘pay-as-you-drive’…
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January 13, 2020
3,674

CARRO injects US$30 million into Malaysia’s myTukar; drives aggressive expansion plans

Southeast Asia’s largest automotive marketplace Carro will digitise Malaysian car bidding firm onboard thousands of local used car dealers and…
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