Carro, a Singapore-headquartered digital automotive group and marketplace with operations across Southeast Asia, has posted SGD1.2 billion ($898 million U.S.) in revenue, up 15% year on year (y-o-y), for the 12 months to March 2025 (FY24-25).

Gross profit reached SGD149 million, up 20% y-o-y, the startup said in a news release. It reported EBITDA of SGD43 million for FY24-25 but didn’t say how this compared to FY23-24.

The company’s gross profit margin improved to 12.4% from 11.8% in FY23-24, which it said was underpinned by “margin expansion, ecosystem-led ancillary income growth and productivity optimization.” Ancillaries accounted for 55% of gross profit in FY24-25.

Among these ancillaries, Carro’s fintech business, Genie Financial Services, reported loan book growth of 35% y-o-y to SGD670 million in FY24-25. The company has continued to strengthen its fintech arm, recently teaming up with Hong Kong-listed fintech company SY Holdings to expand its auto financing services.

“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,” said Aaron Tan, co-founder and group CEO of Carro.

Tan revealed that Carro had scaled up operations in Hong Kong and Japan, venturing beyond its core markets in Southeast Asia. “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,” he added.

Last month, Carro raised $60 million U.S. in funding in a round led by the Japanese government-backed Cool Japan Fund. The company said the proceeds would be used to drive demand for Japan-based brands across the markets it operates in.

During the same month, Carro revealed plans to expand to Australia and pursue up to three M&A deals before the end of its current financial year. The planned expansion is part of preparations for a potential $500 million U.S. IPO next year, which could be a dual listing in the U.S., Singapore or Hong Kong.

On the product front, Carro recently launching an AI-enabled inspection app that combines on-board diagnostics with visual, sound and vibration analysis to improve its used-car 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,” Tan explained.

Carro has raised over $600 million U.S. in funding to date and has 5,000 employees across the Asia Pacific region. The company’s suite of services includes Carro Care (after-sales), Genie Financing Services and Coverro (insurance). It ended FY24-25 with a liquidity of SGD385 million.

Source: LinkedIn

Varun Sanghi, who has been associated with the company for over ten years, has played a pivotal role in its growth, CarTrade said in a regulatory disclosure. His designation in the company will change to CSO and “senior management personnel,” effective Nov. 1.

Having joined CarTrade as a product manager, Varun was instrumental in launching its auto finance product. Subsequently, his role expanded to include corporate finance, business development, and strategic initiatives. Varun reportedly played a key role in CarTrade’s acquisition of OLX India from Prosus in August 2023.

Additionally, Varun has been leading CarTrade Labs — an innovation hub launched in June to focus on generative AI and data science — in addition to serving as a director on the boards of OLX India, Shriram Automall (a used-car auction business), and CarTrade Foundation (the company’s CSR arm).

CarTrade Tech posted INR1.9 billion ($22 million) in operating revenue for the three months to September 2025 (Q2 FY25-26), up 25.4% year on year. It recorded about 85 million average monthly unique visitors in Q2, with 95% of the traffic organic.

CarTrade has a presence in more than 500 physical locations across India through Shriram Automall, CarWale abSure, and OLX India franchisees.

She assumed the role on Oct. 22, 2025, working alongside co-CEO Novianto Tjhin, according to a regulatory disclosure. Daisy joined the company as chairman in February this year.

She is now primarily responsible for strategy at the company. With more than two decades of experience, she specializes in project management, enterprise resource planning and business strategy. Companies she has worked for include Chak Ho Group, Fu Kwan Warehouse Co. Ltd. and Zog Group Ltd.

Rhonda Wong, who has held the roles of co-CEO and CFO — as well as being a director of the company — since its inception in 2016, will continue to lead the company’s operations in the Philippines, Malaysia, and Singapore, according to her LinkedIn post.

Wong’s new job title is “CEO for operations in Singapore, Malaysia and the Philippines,” the Business Times reports.

“Wong’s resignation was not a result of any disagreement with the company’s operations, policies or procedures,” OhMyHome said, adding that it would be filling the vacant CFO role soon.

“Chill everyone! I’m still running OhMyHome! So many texts today — my phone is low battery at 10:40am. Thank you for the love!” she wrote on LinkedIn.

“The listed entity on NASDAQ now has its own professional management team in place to oversee corporate operations, while I continue focusing on growing our core business and serving our customers.”

Founded in 2016 by sisters Rhonda and Race Wong (the latter is also an actress and singer), OhMyHome also operates in Malaysia and the Philippines. Offering home sale, rental and renovation services, it reportedly manages more than 12,000 properties.

In 2024, OhMyHome’s net loss narrowed by 20.9% year on year to $3.4 million. In December last year, it launched HomerAI, which it described as “a one-stop shop for all home-related needs.”

India-based auto marketplace CarTrade Tech has posted INR1.9 billion ($22 million) in operating revenue for the three months to September 2025 (Q2 FY25-26), up 25.4% year on year (y-o-y), according to the company’s financial reporting. Its total income rose by 29% y-o-y to INR2.2 billion.

The revenue of its consumer vertical — comprising CarWale and BikeWale — grew by 37% y-o-y to INR762 million in Q2 FY25-26. The remarketing segment (auction businesses, including CarTrade Exchange) posted INR626 million in revenue, up 23% y-o-y. CarTrade said the remarketing business achieved an annualized run-rate of 1.8 million auction listings.

OLX India — which CarTrade acquired from Prosus in August 2023 — registered INR555 million in revenue in Q2, up 17% y-o-y, driven by “operating leverage and integration of synergies.”

CarTrade’s expenses in Q2 grew by 5.3% y-o-y to INR1.4 billion, with more than half of this attributed to employee benefits. Finance and depreciation and amortization costs were broadly flat y-o-y.

Accordingly, CarTrade posted INR640 million in after-tax profit for Q2 FY25-26, up 109% y-o-y. The consumer group and OLX India’s after-tax profit grew by 82% and 213%, respectively. The company’s EBITDA almost doubled y-o-y during the quarter (increasing by 94%), reaching INR636 million. The company closed Q2 FY25-26 with a cash balance of INR10.8 billion.

In line with its custom of allotting more shares under its employee stock ownership plan (ESOP) after financial disclosures, CarTrade approved the allotment of 187,800 equity shares of a face value of INR10 apiece to eligible employees under ESOP 2011, ESOP 2015, and ESOP 2021 (I) plans. As a result, the total paid-up share capital of the company grew to INR477 million.

CarTrade said that it attracted about 85 million average monthly unique visitors in Q2, with 95% of the traffic organic. It has a presence in more than 500 physical locations across India through Shriram Automall, CarWale abSure and OLX India franchisees.

In June, CarTrade launched CarTrade Labs, an innovation hub focusing on generative AI and data science.

Narayan will lead Apna’s efforts to scale, strengthen employer partnerships, and accelerate the adoption of AI-powered hiring, a news release stated. He will be working closely with Nirmit Parikh, founder and group CEO of Apna.

Before joining Apna, Narayan was CEO of the staffing vertical of TeamLease, an India-based HR tech company and the parent of job board FreshersWorld — which, incidentally, is a competitor to Apna in a few areas of the recruitment value chain.

Apna said that in a 24-year career predominantly in financial and operational leadership, Narayan has worked with companies such as Vodafone-Idea, Cisco, and Bharti Airtel, consistently demonstrating the ability to build and scale large, complex organisations, forge deep industry partnerships, and deliver sustainable business outcomes.

Narayan said, “What excites me most is seeing how thousands of companies are now building and deploying their own AI recruiting agents on Apna’s platform, automating hiring conversations and finding the right candidates faster than ever before.”

The statement accords with Apna’s recent official launch of Blue Machines, a service that enables enterprises to deploy multilingual AI voice agents at scale. In August, Apna launched a Blue Machine-built multilingual AI calling agent that integrates with job listings.

On the core operations front, it debuted an AI-powered job interview preparation tool in June, before unveiling an AI-powered recruiter verification system to combat job scams, called ‘Apna Safety.’ These products are all developed in-house, part of the company’s proprietary stack.

Founded in 2019, Apna is headquartered in Bengaluru and has a presence in more than 900 Indian cities. It says more than 50 million job-seekers and 700,000 employers have used its services to date. It reduced its losses by 57.3% year on year to INR513 million ($5.8 million) in the 12 months to March 2024.

As part of the deal, Okxe has become a distributor of Yadea’s electric motorcycles in Vietnam. Last year, Okxe entered into a similar agreement with automaker VinFast to offer the latter’s electric motorcycles through an online-merge-offline model — a marketing strategy combining physical and digital channels.

The new Yadea store, located in Hanoi’s Tay Ho Ward, features a showroom, test-ride experience centre and community hub, VnEconomy reports. Okxe said that its collaboration with electric motorcycle manufacturers is part of a strategy to build a “green vehicles ecosystem” in Vietnam.

Vietnam has the highest rate of per capita motorcycle ownership in the world, and the adoption rate for electric motorcycles in the country is growing by around 30% a year — largely driven by younger consumers — according to the Vietnam Association of Motorcycle Manufacturers.

Yadea — whose market share in electric motorcycles in Vietnam is 8.6%, ranking it fourth, according to a study conducted by Kirin Capital — is the world’s biggest electric motorcycle brand by sales: Last year, it sold 100 million units, according to Frost & Sullivan data.

Founded in 2018 by CEO Wooseok Kim, Okxe says its app has been downloaded 8.2 million times to date and that it collaborates with 2,130 dealers and has 1.5 million active users. In July, it raised KRW20 billion ($13.8 million) in Series A funding.

Comprising a total of 1,249,526,391 shares (sum of 196,114,887 new shares to be issued by Dubizzle and 1,053,411,504 existing shares to be sold by its shareholders), the planned IPO will be floated on the Dubai Financial Market (DFM), according to a news release shared with the AIM Group.

Approximately 3.0% of the offering will be reserved for UAE retail investors with investment numbers (NIN) issued by the DFM, while the remaining 97% will be available to qualified institutional and other “professional investors” in several countries, including the UAE, as defined by the regulator. Upon completion of the offering, the paid-up share capital of Dubizzle Group will be AED82.3 million ($22.4 million).

Dubizzle Group said the final offer price will be determined through a book-building process during the subscription period, which will open on October 23 and close on October 29, with pricing and allocation expected on October 30. Admission of the shares to trading on DFM is expected to take place on or around November 06.

Notably, Prosus N.V. — the leading Dutch marketplaces operator and the largest shareholder in Dubizzle Group — has committed to invest $100 million in the IPO. “Since our initial investment in 2011, we have seen Dubizzle Group grow into the leading regional classifieds platform. This IPO is both a major milestone and a testament to the vision and execution of its leadership team,” said Fahd Beg, head of investment at Prosus.

Dubizzle Group has appointed Rothschild & Co. as the independent financial advisor and Emirates NBD Capital PSC as the listing advisor for the IPO. Emirates NBD Capital PSC, Goldman Sachs International, HSBC Bank Middle East Limited, and Morgan Stanley & Co. International PLC have been appointed as joint global coordinators and joint bookrunners, along with several others.

The company asserted that the offering is “Shariah compliant,” adding that the Internal Shariah Supervision Committee of Emirates NBD Bank PJSC — the lead receiving bank for the IPO — has issued a Shariah pronouncement confirming that, in its view, the IPO is compliant with Shariah principles.

Led by co-founders Imran Ali Khan and Zeeshan Ali Khan, Dubizzle Group specializes in digital classifieds spanning real estate, automotive, and general goods. In recent years, the group has ramped up acquisitions and expansion. Following its foray in Saudi Arabia, Dubizzle’s real estate vertical Bayut has clocked 3.5 million monthly sessions, onboarded 2,300 clients, and recorded 26,800 monthly active listings in April 2025 — the same month Dubizzle acquired real estate intelligence provider Property Monitor.

Co-founder and CEO Imran Ali Khan said, “This IPO marks an exciting new chapter for Dubizzle Group. By welcoming a broader shareholder base, we are positioning the group to accelerate growth, deepen our presence in the markets where we operate, and create long-term value for our users, clients, employees, and shareholders alike.”

Dubizzle announced that its group adjusted revenue for the six months ended June 30, 2025 (H1 2025) grew by 37% year on year to $117 million. The UAE is the group’s core market, accounting for 89% of the total revenue in H1 2025. The UAE segment’s adjusted net profit for the period stood at $43 million.

The PDI report, powered by Cars24’s proprietary inspection technology CarTruth (launched last October), runs over 300 AI-based checks, covering accidents, flood damage, odometer rollbacks, repainting, theft record, and ownership verification, the company said in a news release.

The compensation pledge applies only to “critical errors,” which the company says include undisclosed accident or flood history, odometer rollbacks exceeding 2.0%, theft or blacklist cases missed, incorrect ownership records, and repainting errors overlooked.

Though a first-of-its-kind pledge in the market, INR50,000 compensation would barely be adequate to fix issues that may stem from some of the above-mentioned “critical errors”. However, the self-imposed liability places an onus on Cars24 to deliver error-free PDI reports, besides encouraging customers to opt for the service.

Adding weight to that notion, Cars24 said it recorded a 500% increase in PDI bookings in the festive season (late August to December). The traction, the company says, reflects a behavioral shift among Indian used-car buyers, from relying on intuition to seeking verified assurance.

“Every maturing market moves from emotion to evidence. The PDI guarantee signals that shift for India. It marks the moment when belief in a car’s story will finally depend on data, not on the dealer,” noted Gajendra Jangid, co-founder and CMO, Cars24.

The guarantee builds upon Cars24’s recent launch of an odometer-fraud detection tool. Based on a predictive model, the tool helps buyers assess whether a used car may have undergone odometer tampering / rollback (a fairly common practice in emerging markets) and make an informed decision.

Cars24 recently teamed up with voice-AI startup ElevenLabs to deploy AI to capture and analyze customer-agent conversations. In July, the company launched an after-sales program called Care+. This followed the shutdown of FourDoor — a subscription-based repair and maintenance service — and InSpare — a b-to-b spare parts delivery service. These closures led to more than 200 layoffs.

Founded in 2015, Cars24 was initially a b-to-b marketplace before shifting to a c-to-b-to-c model. It reported INR69.1 billion in operating revenue for the 12 months to March 2024. The company also operates in Australia and the UAE.

GrowthCap Ventures and several angel investors — including Shishir Maheswari, Samrath Jit Singh, Ayush Lohia and Kapil Nirmal — were among the other participants, APN News reports.

Launched in August by CEO Tanvir Singh, CBO Saurabh Arora, CTO Madhu Reddy and Chanakya Agarwal, TrusTerra operates both b-to-b and b-to-c models.

The company draws upon Singh’s battery-swapping and battery-as-a-service startup, Mooving. Since its launch, TrusTerra says it has onboarded 150 dealers, evaluated more than 2,000 used electric motorcycles and facilitated transactions worth INR30 million.

TrusTerra says it aims to make EV transactions more credible and transparent through a data-driven, standardized assessment framework. Among its offerings are TruEV Score, which estimates an EV’s battery health, range consistency and ‘remaining useful life.’

TerraCash is a rapid diagnostic service that allows EV owners to instantly assess their motorcycle’s health and receive bids, offering payment within 24 hours, while TerraBid is a certified dealer-auction service with financing, extended warranty and assured-buyback options.

The proceeds from the pre-seed funding round will be used to scale TruEV Score, expand to tier-two markets in India, increase the company’s headcount and strengthen collaborations with OEMs, lending institutions and dealers, TrusTerra said.