Carro: Positive strides with Woori Venture Partners' strategic investment

Deal News | Dec 10, 2024 | Aim Group

Woori Venture Partners, a subsidiary of Woori Financial Group from South Korea, has made an undisclosed investment in Singapore-based automobile marketplace Carro. This capital injection is aimed at supporting Carro's expansion within Southeast Asia, especially Indonesia. Carro has announced an impressive 11x increase in EBITDA, amounting to SGD43 million for FY2024, marking the fourth consecutive year of positive EBITDA growth. It also reported a 49% rise in gross profit year-over-year to SGD124 million, alongside an enhanced gross profit margin of 12% for the same period. The company has seen significant success from ancillary services, which contribute to nearly 60% of their gross profit. Meanwhile, Carro's fintech arm, Genie Financial Services, reported a non-performing loan ratio below 0.5% and an expanded loan portfolio of SGD496 million. Despite reducing operating losses by 92% in FY2024, Carro did not disclose exact figures. Moreover, its total assets grew by 15% to SGD1.3 billion. The company has entered seven new markets, with Hong Kong and Japan among these recent expansions. Commenting on the developments, Aaron Tan, Carro's co-founder and group CEO, emphasized the company's commitment to enhancing profitability. Allan Ang, Director at Woori Venture Partners, lauded Carro's scalable growth and market leadership.

Sectors

Automotive Marketplace
Financial Services
Venture Capital

Geography

Singapore – Carro is based in Singapore and is pivotal in the article as the primary recipient of the investment.
South Korea – Woori Venture Partners, the investing entity, is based in South Korea.
Southeast Asia – The investment is aimed at expanding Carro's business operations within Southeast Asia, with a specific focus on Indonesia.
Hong Kong, Japan – These are some of the new markets that Carro has expanded into, as highlighted in the article.

Industry

Automotive Marketplace – Carro operates as an online auto marketplace facilitating the buying and selling of cars, which is central to this news piece.
Financial Services – Carro's fintech subsidiary, Genie Financial Services, plays a crucial role in the financial growth metrics mentioned in the article.
Venture Capital – Woori Venture Partners' investment in Carro signifies the involvement of venture capital in supporting business expansion.

Financials

SGD43 million – Carro's EBITDA for FY2024, reflecting an 11x growth from the previous year.
SGD124 million – Carro's gross profit for FY2024, marking a 49% increase year-over-year.
SGD496 million – The size of Genie Financial Services' loan portfolio in FY2024.
SGD1.3 billion – The total assets of Carro as of FY2024, increasing 15% year-on-year.
12% – Carro's gross profit margin in FY2024, an improvement from 8% the previous year.

Participants

Name	Role	Type	Description
Carro	Target Company	Company	A Singapore-based automotive marketplace working on expanding within Southeast Asia.
Woori Venture Partners	Bidding Company	Company	A South Korean venture capital firm under Woori Financial Group, investing in Carro to support its growth strategy.
Woori Financial Group	Parent Company	Company	The parent company of Woori Venture Partners, providing financial backing and support.
Aaron Tan	Co-founder and Group CEO	Person	Chief Executive Officer and co-founder of Carro.
Alan Ang	Director	Person	Director at Woori Venture Partners, involved in the investment decision for Carro.
Genie Financial Services	Fintech Subsidiary	Company	A subsidiary of Carro involved in providing financial services, reported in the article with significant financial metrics.