ICar Asia Limited, a network of automotive verticals, saw a 27 percent growth in revenue to $11.6 million for the 2018 fiscal year.  It recorded a 46 percent year-on-year growth for cash receipts. 

Launched in 2012 and headquartered in Kuala Lumpur, Malaysia, the company operates Carlist.my and LiveLifeDrive.com in Malaysia; Mobil123.com and Otospirit.com in Indonesia; and One2car.com, Autospinn.com, and Thaicar.com in Thailand.

ICar Asia’s strong growth was primarily driven by a 34% increase in its user base. It recorded 12 million unique visitors per month. There was also a 12 percent boost in the number of leads generated.

The company’s latest results revealed some significant financial breakthroughs.  ICar’s business Malaysia became EBITDA and cash flow positive in September 2018. Thailand followed suit in December.

The group expects to reach EBITDA breakeven by the end of 2019.

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