{"id":15919,"date":"2025-10-30T13:03:55","date_gmt":"2025-10-30T05:03:55","guid":{"rendered":"https:\/\/carro.co\/sg\/blog\/?p=15919"},"modified":"2025-11-17T11:18:23","modified_gmt":"2025-11-17T03:18:23","slug":"carro-posts-record-revenues-gross-profit-fy2025","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/carro-posts-record-revenues-gross-profit-fy2025\/","title":{"rendered":"Carro posts record revenues and gross profit for FY2025, closes US$60m strategic investment led by Cool Japan Fund"},"content":{"rendered":"<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Best-ever revenues of S$1.2 billion (US$898 million), a 15% year-on-year growth<\/span><\/i><\/li>\r\n<\/ul>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Best-ever Gross Profit of S$149 million (US$111 million), a 20% year-on-year growth<\/span><\/i><\/li>\r\n<\/ul>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><i><span style=\"font-weight: 400;\">Gross Profit Margin (GPM) improved to 12.4% compared to 11.8% in FY2024, underpinned by ancillaries which represented over 55% of Gross Profit<\/span><\/i><\/i>&nbsp;<\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Strong liquidity of S$385 million (US$287 million)<\/span><\/i><\/li>\r\n<\/ul>\r\n<figure id=\"attachment_15921\" aria-describedby=\"caption-attachment-15921\" style=\"width: 819px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-15921 size-large\" src=\"https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2025\/10\/30OctInfographics-1-819x1024.png\" alt=\"\" width=\"819\" height=\"1024\" title=\"\" srcset=\"https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2025\/10\/30OctInfographics-1-819x1024.png 819w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2025\/10\/30OctInfographics-1-240x300.png 240w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2025\/10\/30OctInfographics-1-768x960.png 768w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2025\/10\/30OctInfographics-1.png 1200w\" sizes=\"auto, (max-width: 819px) 100vw, 819px\" \/><figcaption id=\"caption-attachment-15921\" class=\"wp-caption-text\">Carro FY2025<\/figcaption><\/figure>\r\n\r\n&nbsp;\r\n\r\n<b>Singapore,\u00a0 30 October 2025 <\/b><span style=\"font-weight: 400;\">\u2013 Carro, Asia Pacific\u2019s 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.<\/span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-weight: 400;\">FY2025\u2019s 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 and Japan, cementing its footprint outside of Southeast Asia.\u00a0<\/span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-weight: 400;\">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.<\/span>\r\n\r\n<figure id=\"attachment_15345\" aria-describedby=\"caption-attachment-15345\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-15345\" src=\"https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/12\/Aaron-Tan-Left-and-Ernest-Chew-Right-1-1024x582.jpg\" alt=\"\" width=\"1024\" height=\"582\" title=\"\" srcset=\"https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/12\/Aaron-Tan-Left-and-Ernest-Chew-Right-1-1024x582.jpg 1024w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/12\/Aaron-Tan-Left-and-Ernest-Chew-Right-1-300x170.jpg 300w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/12\/Aaron-Tan-Left-and-Ernest-Chew-Right-1-768x436.jpg 768w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/12\/Aaron-Tan-Left-and-Ernest-Chew-Right-1-1536x872.jpg 1536w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/12\/Aaron-Tan-Left-and-Ernest-Chew-Right-1-2048x1163.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-15345\" class=\"wp-caption-text\">Aaron Tan (L), Co-Founder and CEO of Carro, Ernest Chew (R), CFO of Carro<\/figcaption><\/figure>\r\n\r\n<span style=\"font-weight: 400;\">\u201cAs 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,\u201c says <\/span><b>Aaron Tan, co-founder and Group CEO of Carro<\/b><span style=\"font-weight: 400;\">. \u201cAt 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\u2019re excited to share that we\u2019ve 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\u2019ve 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. \u201c\u00a0<\/span>\r\n\r\n&nbsp;\r\n\r\n<b>Ernest Chew, Chief Financial Officer of Carro<\/b><span style=\"font-weight: 400;\"> 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.\u201d\u00a0<\/span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-weight: 400;\">Carro has officially closed a US$60 million round of funding led by Cool Japan Fund, (Japan's sovereign wealth fund).\u00a0 This investment will go towards bolstering the demand of Japanese cars across Asia Pacific where Carro has a presence in.<\/span>","protected":false},"excerpt":{"rendered":"<p>Best-ever revenues of S$1.2 billion (US$898 million), a 15% year-on-year growth Best-ever Gross Profit of S$149 million (US$111 million), a 20% year-on-year growth Gross Profit Margin (GPM) improved to 12.4% compared to 11.8% in FY2024, underpinned by ancillaries which represented over 55% of Gross Profit&nbsp; Strong liquidity of S$385 million (US$287 million) &nbsp; Singapore,\u00a0 30 &hellip;<\/p>\n","protected":false},"author":77,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-15919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=15919"}],"version-history":[{"count":3,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15919\/revisions"}],"predecessor-version":[{"id":16714,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15919\/revisions\/16714"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=15919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=15919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=15919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}