Heaptalk, Jakarta — Carro, an online platform for buying and selling used cars, has received a strategic investment from Woori Venture Partners for an undisclosed amount.
With Woori’s backing, Carro aims to further expand its presence in Southeast Asia, particularly in Indonesia. Woori Venture Partners is a venture capital subsidiary of Woori Financial Holdings, a prominent financial institution in Korea.
According to a study by Mordor Intelligence, the used car market in Indonesia is projected t o reach $56.3 billion by 2024 and grow to $74.4 billion by 2029. Despite the robust and growing economy, affordable financing remains a barrier for many households, including upper-class families, to purchasing vehicles.
Alan Ang, Director of Woori Venture Partners, highlighted Carro’s leadership in a sector poised for significant disruption with substantial growth potential. He emphasized Carro’s ability to scale profitably as a testament to the company’s performance and commitment.
“Woori Venture Partners continues to lead global venture capital efforts by supporting exceptional entrepreneurs and sustainable businesses worldwide. Through our investment in Carro, we are excited to become Carro’s strategic partner and assist in driving its next growth phase,” Alan stated.
Demonstrating solid growth across regions
Ernest Chew, Carro’s Chief Financial Officer, underlined the importance of building strong partnerships with banks and financial institutions, which remains a key priority for the company. He said receiving strategic investment from Woori Venture Partners validates Carro’s ecosystem-driven fintech business model. “We look forward to collaborating with Woori to bridge market gaps, better serve underserved segments, and promote financial inclusion,” Ernest said.
Carro concluded 2024 on a strong note, achieving an EBITDA of S$43 million (US$32 million) and an EBITDA margin of 4%, based on audited fiscal year 2024 figures. The company’s gross profit margin increased to 12%, driven by substantial market margin expansion, ecosystem-led additional revenue growth, and productivity optimization.
In addition, Carro’s fintech business, Genie Financial Services, also demonstrated solid growth across regions, maintaining a non-performing loans (NPL) ratio below 0.5%, well ahead of industry benchmarks. Total loans disbursed grew to S$496 million (US$370 million). Over the past 12 months, Carro has expanded its footprint into seven markets, extending beyond Southeast Asia to Hong Kong and Japan.
