With the entry of Carro into Hong Kong and rebranding of MyTukar still fresh on the news, we’re also refreshing our post on insights on their global strategy.

Rebranding ceremony from paultan.org L-R: Derrick Eng (myTukar CEO), Ernest Chew (Carro CFO), Aaron Tan (Carro CEO), Fong Hon Sum (myTukar founder)

How the Carro approach to going global lines up with its profitability, growth, and IPO readiness

With the entry of Carro into Hong Kong and rebranding of MyTukar still fresh on the news, we’re also refreshing our post on insights on their global strategy.

Over the past two weeks, Carro marked two milestones in its growth as a global company. First making its entry into Hong Kong through its acquisition of the country’s leading used car platform Beyond Cars.

Second is the rebranding of Malaysia’s fastest growing used car ecosystem MyTukar into its parent company Carro, a milestone five years in the making since Carro’s investment into MyTukar in 2019.

This rebranding comes as Carro is on track to hit an all time best EBITDA of US$40M in FY24, 10x what it achieved for FY23, and further builds up its IPO readiness.

With both milestones still fresh on the news, we’re also refreshing our post a year ago on insights from Carro’s global strategy:

1️⃣ Not just a Singapore company, or just a Southeast Asia company, but a global company. From early on, the company saw value in more developed markets outside of Southeast Asia (Japan, Taiwan, and most recently Hong Kong), recognizing the market potential of capturing even a small portion of these markets, let alone having market leadership.

2️⃣ Working with the best. The company has sought out partnerships with used car market leaders, from MyTukar to Beyond Cars, or working with strategic partners like Softbank to make their market entries across the Asia Pacific.

3️⃣ As much as it would be ideal to have a repeatable playbook across markets, for a business like a used car ecosystem with multiple moving gears across marketplace sales, financing, aftersales, there needs to be a balancing act figuring out which parts of the ecosystem need to be prioritized in developing the presence of Carro experience in a specific market.

For example, in one market it may start with rentals, in another, more investments may be needed into aftersales if the local partner already has a strong marketplace presence.

4️⃣ Running a tight ship with leadership. In order to maintain a consistent company culture across various country cultures, leadership were often trained and developed in Singapore even before expansion would be implemented.

5️⃣ All roads lead to Carro. Especially as the company has been laying down the blocks to become IPO-ready, it has been important to build up a unified narrative from the various approaches the company has taken towards market expansion.

Shaping this narrative is not just about branding but also financials — something that lines up with the recent rebranding.

👉 Insights taken from our coverage of Carro’s story since 2019 and many conversations we’ve had with their leaders over the years

+ posts

Paulo Joquiño is a writer and content producer for tech companies, and co-author of the book Navigating ASEANnovation. He is currently Editor of Insignia Business Review, the official publication of Insignia Ventures Partners, and senior content strategist for the venture capital firm, where he started right after graduation. As a university student, he took up multiple work opportunities in content and marketing for startups in Asia. These included interning as an associate at G3 Partners, a Seoul-based marketing agency for tech startups, running tech community engagements at coworking space and business community, ASPACE Philippines, and interning at workspace marketplace FlySpaces. He graduated with a BS Management Engineering at Ateneo de Manila University in 2019.