- Carro unifies its brand by absorbing Malaysia’s myTukar.
- The profitable and IPO-ready company recorded its highest EBITDA.
- Carro aims to drive digitalization in Malaysia’s used-car industry.
Carro Rebrands myTukar Malaysia-based used car ecosystem myTukar has been renamed Carro, aligning with its parent company.
The rebranding process, which will span several months, will incorporate the Carro brand name across myTukar’s products, services, marketing materials, and physical signage throughout Malaysia. Derrick Eng, the current CEO of myTukar, will continue to lead Carro in Malaysia.
IPO-ready and profitable
Carro co-founder and group CEO Aaron Tan stated, “We’re profitable as a group. We’re IPO-ready and in a position to list the company as soon as it becomes realistically possible.”
The company, one of Southeast Asia’s largest online platforms for used cars, operates in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and recently entered Hong Kong after acquiring Beyond Cars.
Carro recorded its highest-ever EBITDA of US$4 million for the financial year ending March 2023 and anticipates a 10x growth in EBITDA for FY 2024.
The transformation
MyTukar, founded in 2018 by Fong Hon Sum, aimed to transform the secondhand car trading process through its digital platform.
The company began its partnership with Carro in 2017 following a US$30 million investment from the Singapore-based company to drive digitalization in Malaysia’s used-car industry.
In 2022, myTukar adopted an orange color palette, resembling Carro’s signature shade.
To read the original article in its entirety: https://www.techinasia.com/carro-rebrands-mytukar-ipo-ready
