Carro says it broke EBITDA record in FY 2023

Photo credit: Carro

Carro said it had recorded its highest-ever EBITDA of US$4 million in the financial year ending March 2023, and expects to achieve a 10x growth in EBITDA in FY 2024.

“It’s not about selling more cars; it’s about capturing more value and recurring income streams,” Aaron Tan, co-founder and CEO of Carro, said in a statement.

CFO Ernest Chew notes that 60% of the company’s gross profit in the latest financial year came from recurring ancillaries.

Carro is also currently running with “almost no operational burn” and is EBITDA positive in all of its core markets, Chew added.

The company said its full-year revenue exceeded US$800 million on the back of a US$1.5 billion GMV. Carro also sold and financed over 120,000 vehicles across Indonesia, Thailand, Malaysia, and Singapore in FY 2023.

Genie, Carro’s financial services arm that was launched in 2017, said its overall loan book grew to over US$350 million during the latest financial year.

Carro recently secured an undisclosed amount of funding from insurtech firm ZA Tech as part of a joint venture deal. The two firms arw also developing generative AI tech, with the aim of educating customers on insurance policies.

See also: Carro fueled up with seed funding via this deck