Carousell Group, a leading classifieds marketplace platform, on Wednesday announced that it plans to invest aggressively to grow its classified cars business in Southeast Asia.
As one of the world’s largest and fastest-growing classifieds marketplace platforms, the Carousell Group is seeking to reach regional automobile market dominance with the recent launch of the Carousell Auto Group.
The newly-launched Auto Group will go one step further to power the classified car marketplace leaders of Mudah Auto in Malaysia, Cho Tot Xe in Vietnam, Carousell Autos in the Philippines, Hong Kong, and Singapore with the innovative transactional platforms OneShift and Revo Financial.
The Singapore-based startup, last valued at $850 million, plans to make the buying, selling, and ownership of cars a magical experience for middle-class Southeast Asian consumers which will more than double from 135 million to 334 million by 2030.
Following the two mergers in 2019 with OLX Philippines and Mudah, Chotot, and OneKyat from 701Search, the Singapore-headquartered startup has cemented its classified autos leadership in Southeast Asia.
The second-hand car market vertical is now Carousell Group’s largest vertical, contributing a third of the Group’s revenue.
As a whole, Carousell Auto Group is the most-visited auto classifieds platform in Southeast Asia with one of the biggest inventory of car-related listings.
The auto group’s ambition in the regional auto space is also cemented by the appointment of Gaurav Bhasin, Chief Strategy Officer for Carousell Group in addition to his role as CEO of Carousell in Malaysia.
Gaurav brings a dozen years of expertise in the classifieds space, having successfully transformed Mudah into a profitable business powered by its leadership position in autos classifieds. Gaurav’s first priority as Chief Strategy Officer is to lead the strategy and execution of the Auto Group.
“Our autos brands are leaders in Malaysia, Vietnam and Philippines, and we have ambitions to translate this deep expertise to be the number one autos classifieds player in Singapore and Hong Kong in the next three years,” Gaurav Bhasin, Chief Strategy Officer of Carousell Group and CEO of Carousell Malaysia said.
“Covid has accelerated the trend of users buying and selling online, including for cars. We want to go one step further to power our autos brands with transactional models to make car buying, selling, and ownership a magical experience for our buyers and car dealers through our OneShift and Revo Financial products,” said Gaurav.
Gaurav will be working closely with Carousell co-founder, Lucas Ngoo to harness Carousell Auto Group’s product and marketing capabilities to build a first-in-class autos experience and scale across its markets.
“We want to transform Carousell Auto Group into a one-stop-shop for everything autos-related. Soon, our users across the region will be able to sell and buy their cars quickly in a seamless manner and have access to the entire autos ecosystem of workshops, accessories, and services,” Carousell Co-founder Lucas Ngoo said.
“With our acquisition of OneShift, we have launched Carousell SwiftQuote, an innovative C2B bidding platform that allows car owners in Singapore to sell their cars to dealers in our network, and get offered the best price from our dealers. We are also improving the car purchase journey with financial services through Revo Financial. In the coming months, we will introduce some of these exciting features to the rest of our markets to realize our vision of being the number 1 autos platform in the region,” Ngoo added.