Carro

Market position

Carro describes itself as Asia Pacific's largest online used car marketplace and is a unicorn with a valuation of at least $1 billion since June 2021. It has been ranked the fastest-growing company in Asia-Pacific by the Financial Times (compound annual growth rate above 400%), the number one fastest-growing company in Singapore by The Straits Times in 2021, and listed among LinkedIn Top Startups 2022 and the FT High-Growth Companies Asia-Pacific 2024. It competes in a used-car sector described as worth $50 billion and growing.

The company positions its proprietary pricing algorithms and AI-driven inspection and matching as a means of adding transparency to a fragmented used-car market, combined with a vertically integrated ecosystem spanning financing, insurance, refurbishment, aftersales, leasing and subscription rather than listings alone. It launched Singapore's first car subscription service in 2019, allowing users to lease a vehicle for a monthly fee inclusive of tax, warranty and maintenance.

Technology

The platform is built around proprietary pricing algorithms and AI-enabled capabilities for valuing and matching vehicles. Products include the "Showroom Anywhere" app, which lets prospective buyers inspect and unlock a car using a QR code without meeting a salesperson, and Innorithm fleet-management software using IoT and machine learning. The company has also used generative AI in regional advertising campaigns.

Go-to-market

Carro enters new markets through acquisitions of or investments in established local platforms — myTukar in Malaysia, Jualo.com and Sembrani Finance/MPM Rent in Indonesia, Kaidee in Thailand, Beyond Cars in Hong Kong and CarPlace in Australia — and complements the marketplace with in-house financing, insurance and aftersales offerings. It has also used sponsorships (Bangkok Century Cup and Standard Chartered Trophy 2022), a brand ambassador appointed in 2024, and regional advertising campaigns.

Individual car buyers and sellers and wholesale car dealers across Asia-Pacific markets, including price-sensitive middle-class consumers seeking used vehicles, plus users of financing, insurance, leasing and aftersales services.

Geography

Headquartered in Singapore, with operations in seven markets: Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong. In 2021 the footprint covered Singapore, Malaysia, Indonesia and Thailand with more than 1,000 staff; the company has since announced an entry into Australia through the acquisition of CarPlace.

History

Incorporated in 2015 and launched in 2016, Carro raised a $5.3 million Series A in 2016 led by Venturra Capital, followed by a $60 million Series B in May 2018 and a further $30 million in August 2019, which funded the acquisition of Indonesian classifieds site Jualo.com. In September 2019 it entered Malaysia with a $30 million investment in car-bidding platform myTukar, renamed Carro in March 2024. The company reported roughly 20x revenue growth in 2018, over 4x in 2019, first-time EBITDA positivity in 2020, and 2.3x revenue growth in 2021. It reached unicorn status in June 2021 with a $360 million Series C led by SoftBank at a $1 billion valuation, followed in November 2021 by a further Series C tranche of more than $100 million led by Temasek and Permodalan Nasional Berhad. In 2022 it acquired a 50% stake in Indonesian rental firm MPM Rent and reported 2.5x revenue growth and first-time net profitability. In 2023 it added EMPG (Kaidee's parent) to its cap table, acquired Thai classifieds platform Kaidee, and entered a partnership with Jardine Cycle & Carriage including a US$60 million stake in Republic Auto. It entered Hong Kong in March 2024 via the acquisition of Beyond Cars, and in September 2025 raised US$60 million led by Cool Japan Fund.

Risks & controversies

Carro's business is exposed to macro shocks: revenue fell 80% in April 2020 during Singapore's COVID-19 "circuit breaker", prompting management pay cuts, before used-car demand rebounded. The company operates in an industry under increasing environmental scrutiny, with transportation accounting for about 24% of global carbon emissions and older combustion-engine vehicles often exported to developing markets. Management has repeatedly signalled intentions to list in the US within 18 to 24 months of 2021, a timeline that requires controls, personnel and compliance readiness.