myTukar, Malaysia’s fastest-growing used car ecosystem powered by Carro, has changed its name to Carro.
This name change will apply ‘Carro’ to all of myTukar’s products and services, marketing materials and physical signs across Malaysia. The renaming process will take several months to complete.
“myTukar’s renaming exercise marks a huge milestone in our brand integration, and we’re absolutely excited to hit the rest of our goals on our roadmap.”
“We’re profitable as a group, we’re IPO-ready and in a position to list the company as soon as it becomes realistically possible. We’re looking forward to exciting new plans ahead not just for Malaysia, but for the rest of our markets.”
Carro Co-Founder and Group CEO Aaron Tan
Carro is Southeast Asia’s largest and most profitable online used car platform and is currently operational in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.
The Singaporean startup is on track to hit all-time best FY2024 EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of nearly USD40 million (~RM187 million), more than 10 times of what it achieved for the entire FY2023.
myTukar, a company that aims to revolutionise and digitise Malaysia’s high-potential used car industry, was founded in 2017 at a shop lot in Glenmarie. Since then, it has achieved impressive milestones, such as securing a USD30 million (~RM140 million) investment from Carro.
The brand has grown to be the first and largest online used car ecosystem in Malaysia,
providing retail insurance, financing and after sales services, and has expanded to encompass 11 Retail Experience Centres, 27 Inspection Centres, five workshops and two refurbishment centres.
myTukar earlier kickstarted its first phase of rebranding in June 2022 and changed its corporate look, moving away from its turquoise and grey colour scheme to Carro’s signature orange for its signages and collaterals.
The company has also partnered with a brand ambassador, Phei Yong, who is a social media star and a versatile celebrity. He will help to publicise the company’s upcoming campaigns.
