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.
