Team Carro / Photo credit: Carro
MyTukar, a Malaysia-based used car ecosystem, has been renamed to Carro – taking after its parent company.
The rebranding process will take several months, during which the Carro brand name will be incorporated across myTukar’s range of products and services, marketing materials, and physical signages across Malaysia.
“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,” Carro co-founder and group CEO Aaron Tan said in a statement.
Derrick Eng, who has been CEO of myTukar, will continue to lead Carro in Malaysia.
MyTukar started its partnership with Carro in 2017 following a US$30 million investment from the Singapore-based company aimed to bring about digitalization in Malaysia’s used-car industry.
In 2022, myTukar adopted an orange color palette similar to Carro’s signature shade.
Founded in 2018 by Fong Hon Sum, myTukar sought to transform the trading process of secondhand cars through its digital platform.
Carro, meanwhile, is one of Southeast Asia’s largest online platforms for used cars. The company is currently operational in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong – a market Carro recently entered after acquiring its peer Beyond Cars.
The firm had recorded its highest-ever EBITDA of US$4 million for the financial year ending March 2023, and it expects to achieve a 10x growth in EBITDA in FY 2024.
See also: Carro sees “record” EBITDA as its fintech and other verticals get spotlight
Editing by Miguel Cordon and Dhania Putri Sarahtika
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