BFM 89.9

HIGHLIGHTS 
Podcast  >  Enterprise  >  Open For Business  >  Unicorn Carro Is IPO-Ready, Improving Profitability, and Still Fundraising

Unicorn Carro Is IPO-Ready, Improving Profitability, and Still Fundraising

Ernest Chew, CFO, Carro

22-Sep-23 10:00

Unicorn Carro Is IPO-Ready, Improving Profitability, and Still Fundraising

Having recently announced a historical best of US$11 million in EBITDA for the first quarter of FY2024, we speak to Carro’s CFO Ernest Chew about profit and revenue targets ahead, how their different acquisitions and investments play into Carro’s growth strategy, the reason Carro is IPO-ready, but in no rush to list, and why they still want to fundraise.

Carro was founded back in 2015 and has raised over US$1 Billion in debt and equity to fund ambitions to build the largest online used car marketplace in Asia. The platform allows consumers and wholesale businesses to buy and sell used vehicles and also offers insurance and financing services.

Founded in Singapore, Carro joined the unicorn club in 2021 after completing a near-$500 million funding round led by SoftBank, and is backed by other notable investors like Temasek and GIC.

As part of their journey, Carro has brought Malaysian car bidding platform into the fold, acquired a 50% stake in Indonesian MPM Rent in 2022, announced a strategic investment in Driven Communications, owners of paultan.org among other websites, and recently announced a strategic partnership with Jardine Cycle & Carriage valued at over $60 million.

Produced by: Roshan Kanesan

Presented by: Roshan Kanesan


This and more than 60,000 other podcasts in your hand. Download the all new BFM mobile app.

Categories:  marketstechnologyCars/Motoring

Tags:  automotive businesssoutheast asian unicornused carsonline platformunicornstech startupdigital platform





Play / Pause

Listen now : The 6AM Stretch

Today’s Shows



6:00 AM

The 6AM Stretch

7:00 AM

World Market Watch

Joe Quinlan, Chief Market Strategist, US Trust-BOA Private Wealth Management

7:15 AM

Morning Brief

Eric Yee, Senior Portfolio Manager, Atlantis Investment Management; Alexander Wong, Managing Editor and Co-Founder of SoyaCincau

8:00 AM

The Breakfast Grille

Danny Ng, CEO of Fibromat Berhad

8:30 AM

Morning Brief

Dr. Carmelo Ferlito, CEO, Center For Market Education

9:00 AM

Opening Bell

Jeremy Goh, Head of Research, Hong Leong Investment Bank

9:35 AM

People, Planet, Profit

Datuk Megat Jalaluddin Megat Hassan, COO, Tenaga Nasional Berhad

10:05 AM

Open For Business

Hew Wee Choong, Head of ASEAN Team, Cyclone Robotics

11:05 AM

Resource Centre

Andrew Shikiar, Executive Director at FIDO Alliance

12:00 PM

Enterprise Biz Bytes

1:00 PM

The Breakfast Grille Repeat

Danny Ng, CEO of Fibromat Berhad

2:05 PM

Live & Learn

Investing in Prevention of Violence Against Women & Girls

3:05 PM

Beyond the Ballot Box

4:05 PM

Health & Living

Gut-Joint Axis: The Connection Between The Gut Microbiome and Rheumatoid Arthritis

5:00 PM

The Evening Edition

5:35 PM

Today On Twitter

6:05 PM

Inside Story

7:05 PM

The Evening Edition

7:35 PM

Popcorn Culture - Throwback

Fight Club

8:05 PM

By the Book

Book Club December 2023 - Bone Weight and Other Stories

9:00 PM

Bar None

10:00 PM

Lagu-Lagu Dulu-Dulu