Carro hits $11m in Q1 EBITDA, its highest-ever quarterly profits

The Carro team / Photo credit: Carro

Singapore-headquartered Carro said that it has hit US$11 million in EBITDA for the first quarter of FY2024, a historical best for the firm in quarterly profits.

Its EBITDA is now at an annualized run-rate of over US$50 million, which is more than 10x what it achieved for the entire FY2023, Carro added. The used-car marketplace also achieved over US$4 million in EBITDA for June 2023 – its highest monthly number.

For comparison, Carro achieved US$4 million in EBITDA for the entire financial year ending March 2023, which was a record for the company at the time.

Carro exceeded profitability targets despite the typically weaker quarter, when a slew of holidays in the region are usually celebrated. The firm attributed the growth to its focus on fundamentals, its digital ecosystem-led business model, and recurring ancillary income streams.

Tech in Asia has reached out for comment.

Carro also expects to see boosted earnings from its US$60 million deal with Jardine Cycle & Carriage, a group of companies in Southeast Asia that has Indonesia’s Astra and Vietnams Truong Hai Group under its umbrella. The company also recently hauled in new capital from insurtech firm ZA Tech as part of a joint venture deal.

Additionally, Carro – which is present in four Southeast Asian countries – announced plans to expand into new markets. Last year, it entered Japan in collaboration with SoftBank.

Carro was founded in 2015 by Aaron Tan, who is also the CEO of the company. The firm has raised about US$750 million in funding so far from investors such as SoftBank Ventures Asia, EDBI, B Capital Group, and Alpha JWC Ventures, according to Tech in Asia data.

See also: Carro sees “record” EBITDA as its fintech and other verticals get spotlight