- Carro secures Korean investment
- Southeast Asian used car platform expands aggressively
- Fintech strategy drives growth
Revving Up in Southeast Asia’s Booming Used Car Market
Singapore-based online used car platform Carro has secured a strategic investment from Woori Venture Partners, signaling ambitious expansion plans across Southeast Asia.
The investment marks Woori’s first late-stage deal in the region, targeting Indonesia’s promising automotive marketplace, which is projected to grow from $56.3 billion in 2024 to $74.4 billion by 2029.
Driving Profits Through Financial Innovation
Carro demonstrated impressive financial performance in fiscal year 2024, achieving an EBITDA of S$43 million and expanding its gross profit margin to 12%.
The company’s fintech arm, Genie Financial Services, maintained a low non-performing loan rate below 0.5%, supporting a loan book that reached S$496 million.
Ecosystem Strategy Fuels Future Growth
Co-founder Aaron Tan highlighted the company’s focus on leveraging data, technology, artificial intelligence to scale sustainably. Recent strategic partnerships, including investments from Jardines and DRB-Hicom, have strengthened Carro’s position. The company has expanded into seven markets, including Hong Kong and Japan, and built a cash reserve exceeding S$400 million to support continued expansion.
