The autos classified leader plans to invest aggressively to create a regional autos ecosystem that makes buying, selling and ownership of cars a one-click magical experience
Singapore, 7 April 2021 – Carousell Group, one of the world’s largest and fastest-growing classifieds marketplace platforms, today declared its ambition to deepen its regional autos dominance in Southeast Asia with the launch of Carousell Auto Group. Carousell Auto Group will go one step further to power the classified autos leaders of Mudah Auto in Malaysia, Cho Tot Xe in Vietnam, Carousell Autos in Philippines, Hong Kong and Singapore with the innovative transactional platforms OneShift and Revo Financial. The Group’s vision is 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, Carousell Group has cemented its classified autos leadership in Southeast Asia. The autos 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 autos classifieds platform in Southeast Asia with one of the biggest inventory of autos-related listings.
Carousell Group’s ambition in the regional autos space is also cemented by the appointment of Gaurav Bhasin, Chief Strategy Officer for Carousell Group in addition to his role as CEO, 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 Carousell 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. 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 Bhasin, Chief Strategy Officer, Carousell Group and CEO, Malaysia.
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,” said Lucas Ngoo, Co-founder, Carousell.
“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,” Lucas continued.
About Carousell Group
Carousell Group is one of the world’s largest and fastest growing classifieds marketplace platforms across Southeast Asia, Taiwan and Hong Kong. Started in August 2012, Carousell Group began in Singapore and now has a leading presence in eight markets under the brands Carousell, Mudah.my, Cho Tot and OneKyat, serving tens of millions of monthly active users. Carousell Group is backed by leading investors including Telenor Group, Rakuten Ventures, Naver and Sequoia Capital India. Visit here for more information.