South Korea-based Woori Venture Partners —- a subsidiary of Woori Financial Group — has invested an undisclosed sum in Singapore-based auto marketplace Carro, according to a press release from the latter.
Carro said that this investment was intended to facilitate its expansion in Southeast Asia, particularly Indonesia.
Meanwhile, Carro revealed that it had recorded positive EBITDA for the fourth successive year in FY2024 (the 12 months to March 2024): EBITDA rose 11x year on year to SGD43 million ($32 million U.S.) in FY2024.
The company’s gross profit rose 49% y-o-y to SGD124 million in FY2024, while its gross profit margin improved from 8% in FY2023 to 12% in FY2024. It noted that almost 60% of its gross profit was generated from ancillary services. Carro’s fintech subsidiary, Genie Financial Services, maintained a non-performing loan ratio below 0.5% and grew its loan portfolio to SGD496 million.
Carro added that it had reduced its operating loss by 92% y-o-y in FY2024 but did not provide an absolute figure. Its total assets increased by 15% y-o-y to SGD1.3 billion in FY2024. Carro said it had recently expanded into seven new markets, including Hong Kong and Japan.
“Even as we grow our volumes at a 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,” commented Aaron Tan, co-founder and group CEO of Carro.
“Carro is the clear leader in a space that is prime for disruption, with significant room for expansive growth. Their ability to grow profitably at scale is a testament to their performance and commitment,” said Woori Venture Partners director Alan Ang.
