Carro, a digital marketplace for used cars, recently secured an investment from South Korean Woori Venture Partners to expand the platform’s reach. The company’s AI-driven platform works to provide consumers transparency and quality assurance when buying and selling secondhand vehicles.
Within the last year, Carro grew its geographic footprint to seven total markets, now operating in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong. The investment from Woori allows the company to deepen its presence in Southeast Asian markets with a focus on Indonesia, where the market is predicted to grow significantly as consumers gain access to affordable financing options.
The company has recorded substantial growth due to the success of its platform, which leverages proprietary pricing algorithms and AI-enabled tech to streamline car buying and selling. Carro achieved an EBITDA of S$43 million at the end of the 2024 fiscal year, marking a record 11x EBITDA growth year-over-year. It also recorded a gross profit of S$124 million and a 49 percent year-over-year growth rate.
“These numbers underscore the unique differentiated benefits of our ecosystem-led business operating model as we focus on driving marketplace margin expansion by cross-selling ancillaries to drive recurring income streams,” Aaron Tan, co-founder and Group CEO of Carro, said in a statement. “Even as we grow our volumes at double-digit percentage to a record, we have and will continue to be laser-focused on improving profitability, customer lifetime value across our ecosystem, inventory turnaround speed and productivity. This means building and leveraging more data and technology, including AI and machine learning.”
