Singapore-based Carro more than doubled its revenue in its latest financial year, raking in more than S$650 million (US$464.2 million) in revenue.
Carro founder and CEO Aaron Tan / Photo credit: Carro
The used-car platform, which also achieved profitability in FY 2021, said it is tracking at over US$930 million in run-rate revenue. It expects to see another 2x growth in revenue for FY 2023.
Aaron Tan, co-founder and CEO of Carro, attributed the firm’s profitability to its focus on online retailing and machine learning.
Meanwhile, the company’s fintech arm, Genie Financial Services, saw its non-performing loans ratio remain at 0.1%, and it delivered about 30% return on equity for FY 2022. Its loan book grew to US$285.7 million, a 2x increase from the previous financial year.
Carro CFO Ernest Chew said all four of its markets – Singapore, Malaysia, Thailand, and Indonesia – contributed to the strong financial year.
“Thailand alone transacted approximately 35,000 units run-rate per year and Indonesia today accounts for almost US$28.6 million annualized EBITDA. We expect revenue for our online retail and ancillary business to hit over US$357.2 million this financial year,” he added.
Since April, Carro has secured around US$142.9 million in funding from nine financial institutions. It also recently expanded its operations into Taiwan and Japan.
See also: Can Cars24 take on Carro, Carsome in SEA?
Currency converted from Singapore dollar to US dollar: US$1=S$1.40.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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