Carsome is open to new funding from potential strategic investors, according to Co-Founder and CEO Eric Cheng.
He was quoted by Reuters saying that the company is looking for investors whose “businesses are able to add value to what we are doing, be it on car trading, financing or insurance”.
Commenting on listing Carsome in the stock market, Eric said the company is ready but there’s no rush to go public just yet. He added that the company is also open to a dual listing.
Based on previous reports by The Business Times, they are looking at Nasdaq in the US and the Singapore Exchange.
We haven’t really set the right timeline or window. We need exchanges that appreciate the business that we’re building. We need that exchange to be able to also provide enough liquidity.
In terms of their performance so far, Eric said the company has hit operational profitability in the first quarter of this year and is expected to achieve its first group-wide profit or break-even before the year-end.