Carro posts record revenues and gross profit for FY2025, closes US$60m strategic investment led by Cool Japan Fund

PRNewswire
Singapore, October 30: Carro, Asia Pacific's largest and fastest-growing online automotive platform, has posted a strong FY2025, achieving record revenues of S$1.2 billion and a Gross Profit of S$149 million (US$111 million). The unicorn startup also reports an EBITDA of S$43 million (US$32 million) and total assets of S$1.3 billion, according to audited FY2025 numbers.
FY2025's Gross Profit Margin continued its expansion to over 12%, as Carro deepens its strategy of a strong marketplace margin expansion, ecosystem-led ancillary income growth, and productivity optimisation. In the last 12 months, Carro also scaled up operations in Hong Kong, SAR and Japan, cementing its footprint outside of Southeast Asia.

Meanwhile, Carro's fintech business, Genie Financial Services, recorded a strong consumer loan book growth of 35% to S$670 million (US$500 million) across the region, and kept non-performing loans (NPL) at below 0.5%, a number much better than industry benchmarks in the region.
"As we grow our differentiated ecosystem-led business operating model, we continue to focus on driving marketplace margin expansion by cross-selling ancillaries to drive recurring income streams and improve customer lifetime value. Additionally, we will continue to expand into new markets and segments, particularly in NEVs. This year, we launched our Brand New segment in Singapore and Malaysia to capture a broader customer base in the automotive value chain, and are looking to bring this to other markets," says Aaron Tan, co-founder and Group CEO of Carro. "At the same time, we are doubling down on our use of technology and AI, coupled with process improvements to drive productivity optimisation and enable our businesses to scale better without growing costs linearly. We're excited to share that we've launched our most advanced AI-enabled inspection app combining on-board diagnostics, visual, sound and vibration to improve our inspection capabilities. Our use of AI also stretches to sales conversion and customer service, which helps handle up to 85% of conversations and has cut down average response time by up to 80% to below 3 minutes in our largest markets. At the same time, we've redesigned our Wholesale platforms to drive platform-led growth and improve the digital experience for both our dealers and end customers. All these are part of our bigger plan to scale at pace while exploring new initiatives. "
Ernest Chew, Chief Financial Officer of Carro says "Despite a challenging and unpredictable macro-environment, our continued focus on execution, unit economics and optimisation has resulted in record volumes (+15% year-on-year growth), revenues and gross profit, as well as improved margins across most profitability metrics. A continuation of these efforts has seen our H1 FY2026 EBITDA growing over 50% year-on-year. Our overall liquidity by end FY2025 also improved year-on-year, as we continue to be extremely focused on financial discipline, vigilant on cash flows and working capital, and balance sheet strength. Following our latest fundraising led by Cool Japan Fund, we have the strongest balance sheet position in 3 years. We are actively diversifying and securitising our receivables to improve financial flexibility and strengthen our capital structure. Very pleased that our investment into Hong Kong has been strategically value-accretive, growing quickly to become a leading player domestically and profitable in the first year."
Carro has officially closed a US$60 million round of funding led by Cool Japan Fund, (Japan's sovereign wealth fund). This investment will go towards bolstering the demand of Japanese cars across Asia Pacific where Carro has a presence in.
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. Carro most recently expanded its product line to include Brand New cars in Singapore and Malaysia, offering customers even more options.
Headquartered in Singapore, the unicorn startup has raised over S$700 million from Softbank Vision Fund and several sovereign funds. Together with its subsidiaries and business lines, Carro is supported by more than 4,500 employees across Asia Pacific:
- Carro, Asia Pacific's largest online used marketplace with a strong key presence in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan region, and Hong Kong, SAR.
- Carro Care Powered by Jardine Cycle & Carriage, Carro's in-house refurbishment and after-sales servicing capabilities
- Genie Financial Services, a next-generation fintech automotive financing provider in Singapore, Malaysia, Indonesia and Thailand
- MPM Rent, leading mobility solutions company in Indonesia specialising in leasing / fleet financing transportation services
- Innorithm, a next-generation fleet management solutions company leveraging state-of-the art IoT and machine learning
- Kaidee, Thailand's largest online shopping and classifieds platform
- Driven Communications, leading Malaysian integrated digital content & marketing services agency including notable sites like paultan.org
For more information, please visit: www.carro.co or email marketing@carro.co.
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