Putting Carro’s numbers in context

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Hello,

Late last night, around the time children grudgingly pack their schoolbags and freak out about pending homework, my niece called over the phone.

“What’s the Bombay Stock Exchange? What’s business journalism? Can you give me two examples of investigative journalism?”

The questions came fast and heavy for a media studies assignment she was already running late for. At that point, all she wanted was a short and sweet crash course of everything that would otherwise take her weeks to fully understand.

Much of our lives are a search for explainers that distill things and give them to us in modern-day Twitter threads or old-school gift-wrapped packages. Today’s premium pick is one such package – it demystifies Carro’s numbers and puts them into context.

Today we look at:

• The story behind Carro’s “record” EBITDA as its fintech and other verticals shine
• India-headquartered Swiggy turns profitable
• Other newsy highlights such as Alibaba’s cloud unit eyeing an IPO and VNG’s game unit opening an office in Taipei.

— Nikita

Premium summary

IPO-ready, but in no hurry

Image credit: Timmy Loen

Singapore-based Carro recently released its financial statements for FY 2022.

The numbers on these statements backed up what the used-car platform had already announced last September: The firm had doubled its revenue year on year to more than US$489 million in its financial year ending March 2022. It also doubled its gross profit over the same period.

Here’s what these statements don’t show: Carro has a “record full year EBITDA” for the year ending March 2023, according to Ernest Chew, the company’s chief financial officer.

Nine years in the making

Quick bytes