Daily Markup #1045: CARSOME on track to hit US$20M EBITDA this year; focused on growing profitably and gearing up for future IPO

August 6, 2024 · 2 min read

Photo credit: Tech in Asia

Buckling up for a new journey

500-backed integrated used car marketplace CARSOME is targeting an Initial Public Offering (IPO) within the next 12-24 months.
“Bursa Malaysia has been becoming the most vibrant exchanges in the region or possibly even in Asia,” shared Co-Founder, Chairman & CEO Eric Cheng. “It’s one of the exchanges that can give you the kind of multiples that can rival what you’re seeing in other markets, even in the US.”
“We’re looking for liquidity, we’re looking for investors who can appreciate the business, and we’re looking for investors who are there for the long term,” Eric added.
The CARSOME team reported 2 profitable quarters this year, putting the company on track to have a profitable year.
Eric believes with the current market conditions, businesses must react and shift towards profitability. He also revealed that CARSOME is on track to hit an EBITDA of US$20M this year.
Just like how becoming a unicorn wasn’t the end, he said that an IPO would not be the end either. CARSOME aims to continue working on their mission of offering customers the best experience possible.
Read the full story on Tech in Asia.

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