CARRO ranks top automobile tech by Financial Times

CARRO ranks top automobile tech by Financial Times

CARRO retains top ranking in automobile tech sector in Financial Times’ 4th annual Asia-Pacific High-Growth Companies

CARRO, Southeast Asia’s first unicorn start-up and largest end-to-end online used-car marketplace, was named the fastest-growing company in the automobile tech category in the prestigious annual Financial Times ranking of High-Growth Companies Asia-Pacific. CARRO ranked Top 5 in Singapore and 28th in the Asia-Pacific region.

This 4th annual Financial Times ranking of 500 of the Asia-Pacific region’s 

high-growth companies, compiled in partnership with research provider Statista, is the most competitive to date. Similarly to last year, technology is the sector with the biggest presence in the ranking, with 27 percent of companies falling into this category and CARRO ranked among the top ten. 

In order to be listed in the top 100, a company needs to show almost 100 

percent revenue growth in its financial statements every year, for three years consecutively. The list ranks entrants from across the region by their compound annual growth rate (CAGR) in revenue between 2017 and 2020. 

CARRO posted annual revenue of US$215.01 million in 2020 (against US$11.53 million in 2017) with a compound annual growth rate of 165.1 percent.

Mr. Ernest Chew, Chief Financial Officer of CARRO said: “We are looking to close the year by this March with another strong 2-3x revenue growth – mostly organic growth, 

while maintaining a lean OPEX structure and high standards of financial discipline.”

Mr. Annop Michael Kettratad, Chief Executive Officer of CARRO (Thailand) Co., Ltd, explained the reason that “CARRO” retained top rank in Thailand as an online used-car marketplace throughout the past period: “CARRO committed to providing the best experience in buying and selling used cars and continues to drive exponential growth with the recent appointment of Ms. Wansitri Roongruangnaowarat as the company’s new operations director who is responsible for the company’s healthy and seamless ecosystem related to all operating functions, from buying to selling used cars.”

“It's a great honour to be joining CARRO. I am determined to improve the buying and selling of automobiles from upstream to downstream, especially car reconditioning. This involves disassembling and reassembling parts, cleaning, paint jobs on reconditioned components and a thorough final check carried out by CARRO specialists.”

CARRO (Thailand) grew 80 times in the last quarter of 2021 compared with the same period in 2020. 

CARRO, a leading online used-auto marketplace, ensures a trustworthy experience for a convenient, swift, and transparent process of buying and selling used cars with its online platform. 

Enjoy browsing through CARRO’s vast repository of certified vehicles in a wide range of models and brands, all inspected and carefully selected by specialists, at or on CARRO’s Facebook page: CARRO Thailand.

CARRO, a Singapore-headquartered start-up, operates a leading online used car buying and selling platform in Southeast Asia. With the full support of CARRO group of companies, including Genie, myTukar and Jualo, CARRO simplifies the used car buying and selling process by leveraging artificial intelligence (AI) to ensure transparent and secure transactions. 

“CARRO Express”, CARRO’s used auto buying service, taps AI-powered technology in conjunction with its online used auto auction platform to provide customers with the best price from CARRO’s network of 3,000 buyers/dealers. CARRO also provides a used car selling service called “CARRO Automall” that, thanks to AI-powered technology, runs thorough check-ups of used vehicles’ condition, examining up to 200 points before delivery. CARRO gives a 1-year or maximum 30,000-kilometre quality warranty and a 5-day money back guarantee.

Founded in 2015, CARRO facilitates about US$1billion annualized run-rate GMV. CARRO’s offices are located in Singapore, Malaysia, Indonesia and Thailand with over 2,000 employees across the region.

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