Carro shifts gears with recruitment play

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Hello reader,

I’ve long felt that the traditional interview is one of the worst ways to determine if someone is the right fit for a job.

It’s a performative exercise that seems largely a waste of time. It doesn’t reveal much about a candidate’s fitness for the post or if a company is indeed a good place to work.

Lots of people doing the hiring often feel similarly – or at least those that I’ve spoken to about this do.

That pain point is perhaps partly why Kaidee, one of used-car marketplace Carro’s recent acquisitions, is venturing into recruitment services. One of Carro’s goals with the move is to turn staff hiring from a cost source into a revenue generator, as today’s premium piece explores.

Today we look at:

• Making sense of Carro’s recruitment acquisition
• A US$50 million debt facility for Validus
• Other newsy highlights such as crypto exchange OKX getting certified in Singapore and a Swiss court jailing two men for their role in the 1MDB scandal

Premium summary

Cars to careers at Carro

Image credit: Timmy Loen

IPO-bound Carro is best known for making moves in the automotive sector, but a recent acquisition has it moving into a new vertical: recruitment services.

The Singapore-based unicorn snapped up Thai classified ads platform Kaidee in 2023.

• Recruiting VCs: The team behind Kaidee is set to launch OKAI, a new jobs platform based in Thailand that will eventually be spun off as a venture-backed entity. Kaidee CEO Jake Goh, who will also helm OKAI, says the firm is hoping to raise US$8 million.
• U-turn: A classified ads service naturally complements Carro’s existing business, but founder and CEO Aaron Tan told Tech in Asia that he also saw potential in recruitment. He said the move could help turn recruitment from a cost center into a revenue center for the company, which has around 5,000 employees.
• Game plan: OKAI will offer a “chat-first” recruitment platform, meaning potential employees and employers can talk on the platform before beginning the formal recruitment process. It also uses proprietary AI-enabled software that “scores” a candidate’s skills, competencies, and potential compatibility with an employer, which in theory can save HR officers time.

Read more: Carro’s next pit stop? Recruitment services

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