Carro has reported a stellar FY2025, posting record revenues of S$1.2 billion and a gross profit of S$149 million (US$111 million). The unicorn startup also announced an EBITDA of S$43 million (US$32 million) and total assets reaching S$1.3 billion, according to its audited financial results.

The company’s gross profit margin continued its upward trajectory, surpassing 12%, driven by marketplace margin expansion, ecosystem-led ancillary income growth, and productivity optimisation. Over the past year, Carro has expanded its operations to Hong Kong and Japan, strengthening its presence beyond Southeast Asia.

Carro’s fintech arm, Genie Financial Services, also showed robust performance, with a 35% growth in its consumer loan book to S$670 million (US$500 million) while maintaining non-performing loans below 0.5%—well below regional industry benchmarks.

Aaron Tan, co-founder and Group CEO of Carro, highlighted the company’s focus on leveraging technology and AI to scale operations efficiently. “We’ve launched our most advanced AI-enabled inspection app, combining diagnostics, visual, sound, and vibration data to enhance vehicle inspections. AI is also deployed in sales conversion and customer service, handling up to 85% of conversations and reducing response times by up to 80% in our largest markets,” he said. Tan added that the company has redesigned its Wholesale platforms to enhance digital experiences for both dealers and customers, while continuing to expand into new segments, particularly New Energy Vehicles (NEVs), and introducing the Brand New segment in Singapore and Malaysia.

Ernest Chew, Carro’s Chief Financial Officer, attributed the company’s success to disciplined execution and financial management. “Despite a challenging macroeconomic environment, we achieved record volumes with 15% year-on-year growth, higher revenues, gross profit, and improved margins. Our H1 FY2026 EBITDA has already grown over 50% year-on-year, and our liquidity position has strengthened, supported by careful cash flow and working capital management,” he noted.

In a strategic move to bolster its presence in the Japanese car market across Asia Pacific, Carro closed a US$60 million funding round led by Japan’s sovereign wealth fund, Cool Japan Fund. This investment will further support the company’s expansion and innovation initiatives, reinforcing its position as a leading automotive platform in the region.

With its combination of marketplace expansion, fintech growth, and AI-driven innovation, Carro is set to continue reshaping the automotive ecosystem across Asia Pacific.