Meet Singapore’s newest unicorn

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Hi readers,

I am many things, but a driver isn’t one of them. After three attempts – and failing – at getting my driver’s license two years ago, I decided to take a break. Now before you call me a quitter, I will already let you know that I think I am one.

Lucky for us, Singapore-based used-car marketplace Carro isn’t a quitter because had it given up early on, it wouldn’t have become Singapore’s newest unicorn.

Today we look at:

• The numbers behind Singapore’s new unicorn
• The ecommerce brand that’s making US$20 million in sales without funding
• Other newsy highlights such as Gojek’s delivery unit forming a workers’ alliance and AirAsia entering the grocery delivery space

PREMIUM SUMMARY

What fueled the growth of Singapore’s newest unicorn?

Buckle up, everyone, because used-car marketplace Carro has zoomed its way into unicorn status. The Singapore-based company recently raised a huge funding round that pushes its valuation past the US$1 billion mark – and Carro ain’t done growing yet.

• Fast and furious: The company had a great financial year ending (FYE) in March 2021, where it saw its revenue surge 2.5x. Most of the growth came from the buying and selling of cars.
• Profitable: Carro recorded a positive EBITDA (earnings before interest, tax, depreciation, and amortization) for the second straight year in FYE2021..
• Off to the races: Carsome, which is Carro’s Malaysia-based rival, said it’s also on track to reach US$1 billion in annualized revenue by the end of this quarter, which would put it ahead of Carro.

Read more: Analysis: Carro is on track to hit $1b in revenue for latest financial year

STARTUP SPOTLIGHT

Growing to US$20 million in sales without taking any funding

The ecommerce industry is on a watermelon sugar high, and baby ecommerce brand KeaBabies is benefiting from it. Launched four years ago, the Singapore-based company has seen its sales more than double amid the pandemic to hitUS$20 million.