About Us
About Carro
Founded in 2015, Carro is Asia Pacific's largest online used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions.
Headquartered in Singapore, the tech unicorn startup focuses on the automotive ecosystem, with business operations in retail, insurance, aftersales, and financing. It has raised over US$600 million from SoftBank Vision Fund and several sovereign funds and is supported by over 4,500 staff across Asia-Pacific.
Carro is currently present in 7 markets including Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.
Key Milestones
- 2015
Incorporated and launched the following year in 2016
- 2018
Achieved nearly 20x revenue increase year-on-year
- 2019
Achieved over 4x revenue increase year-on-year
- 2020
Achieved EBITDA positive for the first time
- 2021
Achieved 2.3x increase in revenue year-on-year whilst maintaining EBITDA positive. S$1bn GMV run-rate
Reached unicorn status with US$360 million Series C fundraise
- 2022
Achieved 2.5x in revenue increase year-on-year and first time net profitable. >S$2bn GMV run-rate
First major sponsorship as official match partner for Bangkok Century Cup and Standard Chartered Trophy 2022
- 2023
Achieved strong 2x year-on-year revenue growth and highest-ever full-year EBITDA of US$3 million in FY2023
Achieved record EBITDA of US$11 million in Q1 FY2024
- 2024
myTukar in Malaysia officially renamed to Carro in March
Appointed Phei Yong as Carro's first ambassador
Our Subsidiaries
- 2017
Genie Financial Services
Launched in Singapore in 2017 and growing regionally including Malaysia, Thailand and Indonesia
- 2018
Carro Leasing
Started Mobility segment in 2018 in Singapore
- 2019
myTukar in Malaysia
Invested in 2019, renamed to Carro in 2024
Jualo.com in Indonesia
Acquired in 2019
- 2021
Sembrani Finance in Indonesia
Invested since 2021, rebranded to Genie Services in 2024
- 2022
MPM Rent in Indonesia
Acquired 50% stake in 2022
- 2023
Kaidee in Thailand
Acquired Thailand's leading classifieds platform in 2023
Republic Auto in Singapore
Acquired US$60 million stake in strategic partnership with Jardine Cycle & Carriage
Carro Care in Malaysia, Singapore
Consolidated regional aftersales segment in partnership with Jardine Cycle & Carriage
- 2024
Beyond Cars in Hong Kong
Acquired one of Hong Kong's leading used car platforms
Our Awards
- 2018
VC Deal of the Year Award by the Singapore Venture Capital and Private Equity Association (SVCA)
- 2019
Awarded the Hottest Start-up and Silver Mobile Excellence Award for the Best E-commerce Application
- 2020
PR Awards Silver for Best Use of Technology - “Netflix for Cars”
- 2021
No. 1 fastest growing company in Singapore by The Straits Times
Asia’s top 20 fastest-growing companies by the Nikkei-FT-Statista High-Growth Companies Asia-Pacific 2021
Ranked No. 1 amongst 500 fastest-growing companies in Asia-Pacific by Financial Times
- 2022
Top 5 fastest-growing companies in Singapore across 75 other local firms by The Straits Times and Statista
Singapore’s Best Customer Service award 2022/23 by The Straits Times and Statista
Linkedin Top Startups 2022
- 2023
Singapore’s Best Customer Service award 2023/24 2023 by The Straits Times and Statista
- 2024
No 1. automotive company on Singapore’s fastest-growing 2024 companies 2024 by The Straits Times and Statista
Top 500 companies in the FT High-Growth Companies Asia-Pacific 2024
