Ambitious Growth Strategy for Southeast Asia's Leading Used Car Platform
Carro, the largest and fastest-growing online used car marketplace in Asia Pacific, is intensifying its international expansion with a particular focus on the Australian market. The Singapore-based unicorn, renowned for its innovative use of artificial intelligence and data analytics in automotive transactions, is actively exploring mergers and acquisitions (M&A) as it positions itself for a potential dual listing in 2025.
Strategic Partnership with SY Holdings
In August 2025, Carro announced a strategic partnership with Hong Kong's SY Holdings, a global fintech innovator recognized for its expertise in
artificial intelligence and digital supply chain technologies.
Key elements of the partnership include:
- Integration of AI-powered financing and predictive analytics to optimize Carro’s funding cycles and scalability
- Deployment of AI Agents for order matching, procurement automation, and anomaly detection within supply chains
- Exploration of smart pricing algorithms, real-time data synchronization, and automated reconciliation to raise risk controls and operational efficiency
- Collaboration to leverage Carro’s expertise in new energy vehicles (NEVs) for further market differentiation
Carro's Expanding Ecosystem
Founded in 2015, Carro has built a robust ecosystem beyond its core marketplace, including:
- Carro Care: In-house refurbishment and after-sales servicing in partnership with Jardine & Cycle
- Genie Financial Services: Next-generation automotive financing in four Southeast Asian countries
- MPM Rent: Leading leasing and fleet management in Indonesia
- Innorithm: Fleet management enhanced by IoT and machine learning
- Kaidee: Thailand’s largest online classifieds platform
Carro has expanded its retail offerings to include brand-new cars in Singapore and Malaysia, complementing its established presence in used cars and providing a comprehensive solution that supports every stage of the car ownership lifecycle.
Expansion Into Australia and Dual Listing Plans
Carro's aggressive push into Australia is part of a broader international expansion, underpinned by the strategic partnership with SY Holdings and a focus on advanced
AI solutions. As plans for a dual listing solidify, Carro is positioning itself to leverage global capital markets and further accelerate its growth across Asia Pacific.
About SY Holdings
SY Holdings, listed on the Main Board of the Hong Kong Stock Exchange, specializes in digital intelligence technology and has facilitated over USD 38 billion in procurement and financing services for small and medium-sized enterprises worldwide. Its leadership in AI-driven transaction platforms and industry supply chain innovation is seen as complementary to Carro's ambitions for scale and efficiency.
About Carro
Carro is headquartered in Singapore, employs more than 5,000 people across Asia Pacific, and has raised more than S$700 million from investors including SoftBank Vision Fund and sovereign wealth funds. In FY2024, Carro reported a positive EBITDA of S$43 million, underscoring its profitability alongside robust regional growth.
With ongoing digital transformation and AI integration at its core, Carro’s expansion outlook suggests continued disruption and leadership in the online automotive retail sector.
SY Holdings, listed on the Main Board of the Hong Kong Stock Exchange, specializes in digital intelligence technology and has facilitated over USD 38 billion in procurement and financing services for small and medium-sized enterprises worldwide. Its leadership in AI-driven transaction platforms and industry supply chain innovation is seen as complementary to Carro's ambitions for scale and efficiency.
SY Holdings, listed on the Main Board of the Hong Kong Stock Exchange, specializes in digital intelligence technology and has facilitated over USD 38 billion in procurement and financing services for small and medium-sized enterprises worldwide. Its leadership in AI-driven transaction platforms and industry supply chain innovation is seen as complementary to Carro's ambitions for scale and efficiency.
