Unicorn start-up Carro, the Asia-Pacific region’s largest and most profitable online used car marketplace, has become the first client to utilize HSBC’s newly launched US$1 billion ASEAN Growth Fund.
HSBC has initiated a strategic effort to support high-growth leaders in Southeast Asia’s rapidly expanding digital economy. This fund provides essential working capital to help companies achieve economies of scale and expand their asset bases.
Southeast Asia boasts one of the world’s fastest-growing digital economies, valued at US$218 billion. The used car market is the largest consumer segment in the region, with transactions worth at least US$60 billion.
Carro is now active in seven markets, including recent expansions into Hong Kong and Japan. The company generates nearly US$1 billion in revenue and has achieved a remarkable 11-fold year-over-year EBITDA growth, reaching a record US$34 million. Carro stands out as one of the few technology start-ups that is operating profitably, as reported in its latest financial year ending in March 2024.
