About Us

about carro

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, renamed to Genie Financial 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