- Malaysian used-car titan Carsome achieved quarterly EBITDA profitability.
- With over 500,000 cars sold, Carsome signals IPO readiness amid restructuring.
- CEO Eric Cheng eyes full-year profitability, market leadership in Southeast Asia.
Green lights all around for used-car titan
Malaysian used-car marketplace Carsome achieved its first-ever quarterly positive EBITDA in Q1 2024, propelled by a 48% year-on-year surge in gross profit per unit.
Since its 2015 inception, Carsome has sold over 500,000 cars, with 150,000 units transacted last year alone.
Revenues from its Carsome Capital financing arm skyrocketed over 80% in 2023, marking two consecutive years of profitability.
Flagship prepped for public listing voyage
While remaining tight-lipped on financials, co-founder and CEO Eric Cheng signaled the company’s IPO readiness, citing “immense” untapped market potential.
Carsome raised undisclosed funding in June 2023 and restructured top management, fueling IPO speculations.
“We are on track for the group’s first full-year profitability…driving profitable growth and extending our leadership,” Cheng stated.
With operations spanning Malaysia and three other Southeast Asian markets, Carsome is gearing up for its next growth phase.
To read the original: https://www.techinasia.com/carsome-hits-ebitda-positive-quarter-q1-2024
