The winding path to profitability

• 9 years on and with their first EBITDA-positive quarter under their belt, the Co-founders of 500-backed used car marketplace Carsome believe that it is still important to maintain the startup mindset.
• “We’re still learning and adapting, just like we did in the early days. This approach keeps us agile and responsive to new challenges,” shared co-founder Eric Cheng, who is also the CEO.
• “Growth at all costs isn’t a good mindset,” he added. “Instead, we focus on getting the product-market fit right. This ensures that our growth is meaningful and sustainable.”
• Throughout this journey — from selling 30 cars in their first month to selling 15,000 monthly now — Eric acknowledged that while there have been many challenges, they continue to keep their eye on the goal — solving real problems for their customers.
• This approach not only drove their initial growth but also attracted talent passionate about revolutionizing the industry.
• Despite the startup mentality, Carsome saw a 48% year-on-year increase in gross profit per unit thanks to their Carsome AI-driven pricing engine which accurately forecast prices through data.
• Co-founder Jiun Ee Teoh, also the CEO of Carsome Academy, shared, “We’re not just about rapid expansion. We’ve been methodical in building our ecosystem—expanding into Indonesia, Thailand, Singapore, and the Philippines. This careful approach ensures we’re providing value at every step, from financing to after-sales services.”
• “Profitability is a significant milestone, but it’s just the beginning. We’re focused on sustaining this success and continuing to innovate,” he added.
• Read the full story on Vulcan Post.