How Carro drove its revenue to S$1.1b

More: OpenAI looks set to open an office in Japan and VC firm GGV Capital rebrands its Asian operations. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [Carro’s revenue surge]( - Chinese tech major Xiaomi launching its first electric car - Other newsy highlights such as OpenAI planning to open its first Asian office in Tokyo and VC firm GGV Capital rebranding its Asian operations to Granite Asia. --------------------------------------------------------------- Hello {NAME} For as long as I’ve lived in Hanoi, used motorbikes have been my primary mode of transport. Buying pre-owned motorbikes with my limited Vietnamese language skills and even more limited knowledge of what makes a good scooter had led to some poor decisions. For instance, for years I drove what a friend described as a “Franken-bike” because it was cobbled together from pieces of various bikes and broke down constantly. Now, though, I drive a pretty reliable semi-automatic. What’s made all the difference is that I bought it from a friend’s mechanic, who has been happy to make any repairs I need. I guess what I was missing before was a little bit of aftersales care, so it’s no big surprise to me that secondhand-car marketplace Carro has seen big growth in that and other ancillary parts of its business. Though as today’s featured story dives into, the Singapore-based company’s big revenue jump was largely driven by its core marketplace arm. -- Peter  ---------------------------------------------------------------  THE BIG STORY [Carro posts 67% revenue jump in FY 2023, generates positive adjusted EBITDA]( The used-car marketplace previously said it had hit US$11 million in EBITDA for the first quarter of FY 2024, its highest-ever quarterly profit. --------------------------------------------------------------- TRENDING NEWS [Xiaomi jots down 50,000 orders in 30 minutes in maiden EV’s launch]( The launch of Xiaomi’s SU7 was livestreamed, bringing in over 10,000 pre-orders within the first four minutes. [GGV Capital Asia becomes Granite Asia, eyes new asset classes in APAC expansion]( The move comes a few months after GGV Capital first announced that it would be splitting its business into two different firms. --------------------------------------------------------------- EMBRACE EID AL-FITR WITH ABUNDANT JOY Elevate your celebrations with exclusive deals on our insightful conferences As Eid al-Fitr approaches, embrace new beginnings in your professional journey by signing up to our conferences, where you can expand your knowledge, connect with industry experts, and stay ahead of the curve in your field. Whether you’re uncovering the latest trends and strategies in Southeast Asia’s business landscape at [Saigon Summit]( unearthing the newest product innovation at the [Product Development Conference]( in Jakarta, or exploring fresh insights into our ever-evolving tech industry at [Tech in Asia Conference Kuala Lumpur]( there’s something for everyone. 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