Revenue at Singapore-based used car marketplace Carro jumped by 67% year on year to S$1.1 billion (US$818 million) during the 12 months to March 2024 (FY2023), but its after-tax loss also soared — from $6.7 million U.S. in FY2022 to $94 million U.S. in FY2023.

Carro CFO Ernest Chew told TechInAsia that about 90% of revenue came from the company’s core marketplace division, while revenue from such complementary services as loans, mobility, insurance and after-sales services also grew. 

He brushed off the surge in Carro’s after-tax loss as an accounting technicality: “One of our acquisitions has had its assets significantly revalued upward but ironically had negatively impacted our P&L (e.g. higher depreciation, reversal of fair value uplift) in the short term.” 

Carro recently acquired Hong Kong-based BeyondCars for an undisclosed sum. As a result, it is now active in seven markets, including Taiwan, Japan, Thailand, Singapore, Malaysia and Indonesia. 

Carro launches short film to coincide with Ramadan 

The company recently launched a video marketing campaign to coincide with the Muslim month of Ramadan in South East Asia. This year, Ramadan runs from March 10 to April 9.  

The short film called “Who is Siti?” tells the story of a family’s “balik kampung” (“return to village” — the return to one’s native village during the festive season). 

En route, the family’s grandmother recognises a car she calls “Siti” (a Honda City) once owned by her late husband that she sold to Carro but now looks as good as new. 

“Hari Raya, which is known as Ramadan, is a celebration of family, forgiveness and reunion, and we’re so proud to be the choice of many drivers who have chosen a Carro Certified car. We’re committed to ensuring safe rides so everyone can travel worry-free,” said Kuanyu Tan, Carro Singapore country head.

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